Amendment to the Commercial Act

An amendment to the Commercial Act has been adopted by the Parliament, entering in force on the 1^st January 2011. The amendment stipulates more stringent regulation of registration of shareholders of Joint Stock Companies (Akcionerni druzhestva or AD). The provisions of company reorganizations have also been reformed, transposing the requirements of Directive 2009/109/EC of the European Parliament and the Council from 16^th September 2009. The common insolvency procedure in the Commercial Act has also been amended.

Practically most important change is the extension of the term for re-registration to the electronic commercial register until the 31^st December 2011, effected in the Commercial Register Act with this amendment of the Commercial Act.