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July 20, 2022 | News July 2022 | Transfer of majority shareholding: legislative changes

An amendment to the Commercial Code, which entered into force on July 17, 2022, has resulted in two fundamental changes relating to a transfer of majority shareholding in a limited liability company:

  1. Change of effects – in general, a transfer of majority participation interest (share) will be effective vis-à-vis the company from the date of delivery of the agreement on transfer of participation interest to the company, unless a later effective date of the agreement has been agreed (in contrast, under previous law, a transfer of majority participation interest became effective on the date of its registration in the Commercial Register);
  2. Reduction in administrative burden – when registering a transfer of majority participation interest in the Commercial Register, it will no longer be required to submit to the relevant registration court the consent of a tax administrator or a written statement from the participant and the transferee / acquirer of the majority participation interest that the obligation to submit the consent of a tax administrator under the Commercial Code does not apply to them.