This is to inform you that pursuant to §4, Para 1 of the Transitional and Final Provisions of the Commercial Register Act the period for re-registration with the Commercial Register of sole traders, commercial entities, branches of foreign commercial entities, registered with the Commercial Register and in the Co-operatives Register with district courts, expires on 31.12.2011.
To this end you should bear in mind that pursuant to §5 of the Transitional and Final Provisions of the Commercial Register Act, the consequences from failure to re-register shall be the following:
- Sole traders and branches of foreign commercial entities, for which no re-registration has been requested within the above period, shall be treated as deregistered and obliterated effective from 01.01.2012.
- The activity of commercial companies and co-operatives, for which no re-registration has been requested within the above period, shall be terminated on 01.01.2012.
- Commercial companies and co-operatives that have failed to re-register within the above period:
- shall not be entitled to carry out commercial activity
- shall not be entitled to bring actions in court and submit requests for initiation of enforcement proceedings;
- shall not be entitled to effect deals of disposal with their property, including disposal with all their accounts, savings and deposits, including through electronic banking channels
- shall be entitled to effect transfers through their accounts only for the purpose of repaying public liabilities and payment of amounts due to their workers and employees.
According to the provisions of the Commercial Register Act in §5, Para.2 all actions of disposal and deals relating to property of terminated commercial entities and co-operatives, effected after 01.01.2012, shall be void/ invalid.
In relation to the matter referred the Bank shall abide by the law in line with non-allowing disposal with accounts, including through electronic banking, on the part of commercial entities that have failed to re-register with the Commercial Register, except such relating to repayment of liabilities to public institutions and payment of amounts due to workers and employees.