Changes relating to LLC from 1 January 2016

On April 29, 2015, Law no. 87/2015 was published in the Collection of Laws of the Slovak Republic. We bring you an overview of the most important changes relating to limited liability companies (s.r.o. companies) with effect from 1 January 2016:

- it can be determined by the court decision for the natural person to no longer be a member of Supervisory board or member of Statutory board in company. If the expelled person act on behalf of the company, he becomes liable for the debts of the company.
- there is an omission of obligation to define the object value of the contract by which the company obtains its assets from its founders or partners and their relatives, with the expert report, and the omission of the obligation of General meeting approval to the draft of such contract if it´s made within 2 years from the establishment of company, which was the condition of validity or the operation of contract.

- the obligation of depositing monetary contribution payed off before the establishment of the company in separate bank account created by the deposit administrator is omitted. It´ll be sufficient paying off directly to the deposit administrator who issue a confirmation attaching to the registration in Company register.
- the institute of „company in crisis“ is introduced. Company in crisis is the insolvent one or the one imperilled by its insolvency (i.e. the proportion of the authorized share capital and debts is less that 4:100 in 2016, less than 6:100 in 2017 and less than 8:100 in 2018). The Commercial Code amendment introduces many provision for the companies in crisis.
- the restriction for the single-partner company is abrogated. This partner will be able to establish new company with no time limitation, while until now it was possible after 1 year from the debt settlement of the company in crisis, or 10 year if the insolvency or protraction arise on purpose.

Please contact us if you are interested in finding out more about this issue. We would be pleased to offer you legal services in this area.

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