Slovak News - January 1998 - Act No. 11/1998 Coll. Amending Act No. 513/1991 Col

An amendment was made to the Commercial Code that increases the minimal amount of registered capital of a limited liability company founded after 1 January 1998 from 100,000 Sk to 200,000 Sk. The obligatory minimal contribution of the member to the registered capital has been increased from 20,000 Sk to 30,000 Sk.

According to the Act a member of an existing company is prevented from establishing a new limited liability company if the existing company has outstanding liabilities against its employees, State or Social and Health Care Insurance Company.

A member of an existing company, which is in bankruptcy, may establish a new limited liability company not earlier than 1 year after settlement of all liabilities related to the company in bankruptcy.

Companies founded prior to this date are obliged to adopt their shareholders agreement and articles of the company according to the Act within six months after the Act becomes effective.

The amendment became effective from 1 January 1998.

The information in this newsletter is correct to the best of our knowledge and belief at the time of going to press. Specific advice should be sought, however, before investment and other decisions are made.

For further information contact Mr Frank Walsh on +421 7 5340 545 Email directly on Click Contact Link