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Amendments to the Commerce Act

December 30, 2016


On 30 December 2016 the insolvency laws have been amended by introducing a new (refutable) presumption of insolvency – failure to file in the Commercial Register the annual financial statements for the last 3 years prior to filing an insolvency petition.

In this connection a company that has failed to file its financial statements in the Commercial Register in the last 3 years is advisable to do so as soon as practicable.


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