The New Civil Code – one selected issue.
A new Civil Code has brought the biggest reform of private law since the creation of the independent Czech Republic. Numerous other laws are directly affected, including the Business Corporations Act.
AMENDMENT OF THE MEMORANDUM OF ASSOCIATION AND ITS ARTICLES
Since 1 January 2014, all provisions of existing articles of association that are non-compliant with the coercive provisions of the Business Corporations Act are no longer valid. For this reason, it is essential that each company update these important documents in time, i.e. each company must modify them so that they comply with the new norms. The deadline for these modifications was 30/6/2014 – in case of delay, the Registration Court may set an extended reasonable time limit for their correction, and, should such period expire without the necessary modifications being made, the Registration Court has the right to decide to dissolve the company.
For more information and assistance please feel free to contact our Czech office.