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Thursday, 07 September 2017 21:06

A simplified liquidation procedure may be applied to the merchant for unavailability at his legal address

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According to Paragraph One, Clause 2 of Section 314.1 of the Commercial Law activities of a company may be terminated on the basis of a decision of the Commercial Register Office, if the company, pursuant to the Paragraph Four of Section 12 of the Commercial Law, is not reachable at its legal address and has not rectified the indicated deficiencywithin two months after receiving a written warning.

Amendments to the Commercial Law provide a more convenient procedure for the owner of the immovable property to release his property from a merchant unavailable at the immovable property in the short term:

- if the owner of the immovable property does not want that the legal address of the company is registered in the immovable property belonging to it, the owner of the immovable property first in writing shall notify the board of the company, as only the board of the company is entitled to submit an application to the Register of Enterprises (UR) for the changes of the legal address of the company;

- if the board of the company does not comply with the obligation specified in the Commercial Law and does not submit an application for the changes of the legal address of the company, then the person is entitled to report about it to the UR;

- following the request made in the report, the UR will send a letter of warning to the company regarding the filing of documents, in which the company will be invited to submit an explanation of its unavailability at the legal address or the application to register the changes of the legal address. If the company does not comply with the letter of invitation issued within two months and does not rectify the indicated deficiency, it may lead to the liquidation of the merchant.

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