In many transactions, it is necessary to obtain various types of approvals or permits, the lack of which may even affect the validity of the entire transaction. These include corporate approvals in the form of resolutions from specific corporate authorities (such as the shareholders’ meeting or the supervisory board), consent of third parties (e.g. creditors), and approvals from relevant government authorities (e.g. the Minister of the Interior and Administration).
The most frequently encountered types of approvals are discussed below, together with the procedures for obtaining them and the consequences if they are not obtained or are not issued properly.