Extension of the deadline for re-registration of companies

June 1, 2012 will be the deadline for re-registration of all companies, the Council of Ministers decided today, adopting amendments to the Commercial Register Act. The previously set deadline - January 1, 2012, proved impossible to be met due to the lack of functionality in the information system of the Commercial Register, announced the Government’s press office.
In this connection, official re-registration of traders on the basis of court desicion for bankruptcy has been projected. Companies and cooperatives in liquidation whose business activity has been wound down will also be able to re-register.

A debtor who falls into insolvency or over-indebtedness is obliged to ask for opening of insolvency procedure within 30 days. The proposed amendments allow unregistered companies and cooperatives to apply for bankruptcy, provided they are not operating. The amendments are to be approved by Parliament.