The precedents of the European Court of Justice on companies' rights of establishment have established the principle of mutual recognition (principle of country of origin) in the field of companies' rights of establishment as well. This has led to regulatory competition between European (Member State) company laws. However, the actors in the external relationships of a company, namely the creditors, do not participate on principle in the choice of company law. An important objective of this work is therefore to examine the effect that the freedom of choice of law has for these external transaction partners of a company.