Reorganization Of A Limited Liability Company: Theoretical And Legislative Aspects
Keywords:
succession, merger, accession, division, separation, transformation, termination agreement, participants, lenders, transfer act, distributive balance.Abstract
The article analyzes the scientific views that determine the signs of reorganization as a legal phenomenon that exists along with liquidation and is one of the forms of termination of legal entities. It is determined that universal succession is a key feature of reorganization, since it defines the purpose and legal consequences of the reorganization as a procedure that causes a change in the property status of a legal entity.
Based on the analysis of the Law of Ukraine «On limited and additional liability» are positive changes suggested lawmakers on reorganization of companies, for example, legal forms of reorganization are defined with the definition of organizational and legal forms of legal entities with which a limited liability company may reorganize. Contains a provision of an agreement to terminate the companies and on the protection of creditors, aimed at ensuring legal guarantees of the rights of creditors and members of limited liability companies during the reorganization.
At the same time, a number of shortcomings of the current legislation are identified, namely, there are no norms that would detail the stages and specifics of the implementation of the merger, admission, division, separation and transformation of the partnership. In that Act there are provisions duplicate provisions of the Civil Code of Ukraine on issues such as incurring vicarious liability for the company’s obligations in the event of division (separation) and the companies jointly and severally liable if the successor limited liability companies are few.
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