The National Assembly has ratified amendments to the Commercial Act that bring about alterations to the constraints governing the assumption of managerial roles within commercial enterprises.
The previous limitation preventing individuals from being appointed to relevant positions if they held managerial roles or were members of management or control bodies in a company terminated due to bankruptcy in the last two years preceding the date of the decision to declare bankruptcy, if unsatisfied creditors remained, shall be limited in time.
The amendments introduce a period of 5 years during which individuals will not be able to hold these positions. This restriction will expire after the fifth year as of the dissolution of the company due to bankruptcy. The abolition of the restrictions is declared explicitly, indicating the specific circumstances.
For the time being, no amendment has been made to Ordinance No. 1 of February 14, 2007 on keeping, storing and accessing the Commercial register and the register of non-profit legal entities for declaring the circumstances for the removal of the restriction, nor has a model of the declaration been proposed, with which this will be done.
Considering these modifications, the renumbering of the sections in the pertinent articles of the Commerce Act is also altered, necessitating the submission of two declarations for the designation of a manager. These declarations encompass Art. 141, para. 8, and Art. 141, para. 9 of the Commerce Act, or a single declaration that must accurately replicate the text of both paragraphs.
Before the amendments, the ban on exercising these positions was indefinite. Persons who have been declared bankrupt or have been managers, members of a management or control body of a company dissolved due to bankruptcy in the last two years preceding the date of the decision to declare bankruptcy, if there were unsatisfied creditors, lost their right to exercise the above positions. In order to restore it, they had to go through a certain procedure regulated in Chapter 51 of the CA “Restoration in Rights”.
Presently, the procedure for Restoration of rights can be applied for the period of 5 years, during which the restriction on occupying the specified positions will be in effect. Successfully passing through it leads to the deletion and future cancellation of the consequences that the law associates with the declaration of bankruptcy.
