Prepared Draft Law on the mechanism of the reorganization of legal entities

The bill to regulate the liquidation and reorganization of commercial and non-profit entities is presented to the parliament, an informed source in the Ministry of Taxes told Turan.

The Draft Law on Amendments and Additions to the Law of Azerbaijan Republic "On State Registration and State Register of Legal Entities" prepared by the Ministry of Taxes Ministry of Justice and other agencies concerned . The bill focuses primarily on the implementation of the reorganization and liquidation of legal entities in accordance with their property rights.

In December 2011, the Constitutional Court of Azerbaijan made ??a decision as to whether the decision of the general meeting of shareholders of Open Joint Stock Company (OJSC) Mingechevir Temir Tikinti about converting it into a limited liability company (LLC). Some shareholders appealed to the local court decision of the general meeting of shareholders in connection with the violation of their constitutional right to property, as they became shareholders of the converted entity against their will. The Constitutional Court has recommended the Milli Majlis take legal norm providing precise regulation of all stages of the conversion of a JSC into LLC.

In the Tax Ministry they told Turan, that the bill also reflects the inference from trading in securities of commercial legal entities in their reorganization and liquidation. - 08B-

 

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