Company must be notified of acquisition of shares

The transaction of acquiring shares in a limited-liability company typically ends upon signing of the share sale agreement, but the acquirer’s duties do not end there.

Rules for repayment of surcharges in a limited-liability company

The articles of association may include provisions covering the rules for repayment of surcharges to the shareholders. Absent such provisions, the rules set forth in the Commercial Companies Code will apply.

Easier to file for bankruptcy

An amendment to the Polish Bankruptcy Law went into effect on 22 December 2010, giving debtors a chance to supplement deficient bankruptcy petitions while maintaining the original filing date.

Non-discrimination also applies to management board members

A member of a company management board may be regarded as an employee within the meaning of Council Directive 92/85 EEC of 19 October 1992. Removal of a pregnant woman from the management board may thus be successfully challenged as discriminatory.

When is the management board of a limited-liability company liable for the company’s debts?

The rules for liability of members of the management board of a Polish limited-liability company (sp. z o.o.) when the company is unable to meet its obligations to creditors are explained by Maciej Szewczyk, a legal adviser trainee

Share register serves a real purpose

Maintaining a share register in a limited-liability company is not just mandatory, but can also prove valuable.