Modern Georgian corporate law in the mirror of European law. General review of the reform

Abstract

One of the obligations under the Georgia-EU Association Agreement was to undertake reforms of Georgian corporate law. Since 1 January 2022, Georgia has had a new corporate law, which is built on a regulatory function. From the point of view of law policy, it is based upon the regime of dispositional arrangement, though regulation of joint-stock companies constitutes an exception. Saturation of modern Georgian corporate law with legislative norms is the best way to overcome corporate impasses. As a result of the recent reform, the new corporate law contributes to the foreseeability and predictability of the corporate-legal relationships, which at once should provide more confidence for both foreign and domestic investors. The norms contained in the present reform are also equipped with a didactic function, which is especially necessary for the post-Soviet corporate economy.