the unredeemable nature of most shares is designed to protect creditors by ensuring that a company cannot pay capital back to shareholders unless it is wound up,when all other claims would take priority
Where the laws of a Member State authorize total or partial redemption of the subscribed capital without reduction of the latter, they shall at least require that the following conditions are observed ... shareholders whose shares are redeemed shall retain their rights in the company, with the exception of their rights to the repayment of their investment and participation in the distribution of an initial dividend on unredeemed shares.
