Company Act Article 107Aug. 1, 2018

After the company has adopted a resolution for the change of organization, it shall immediately notify each of its creditors and make a public announcement.

A company, after the change of organization, shall assume the debt owned by it prior to its change of organization.

The provisions of Article 73 and Article 74 shall apply mutatis mutandis to reduction of capital.

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Company Act Article 73Aug. 1, 2018

A company shall, upon adoption of a resolution to enter into the process of company merger or consolidation, prepare a balance sheet and an inventory of property.

A company shall, after having resolved to enter into the process of company merger or consolidation, give a notice to each creditor of the company as well as a public notice of such resolution, and shall fix a time limit of not less than thirty (30) days within which the creditors may raise their objections, if any, to such resolution.

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Company Act Article 74Aug. 1, 2018

A company which fails to give the individual notice or the public notice or to settle its liabilities with or to provide an appropriate security for the claims of the creditors who have made objections within the time limit fixed under the preceding Paragraph shall not set up the company merger or consolidation resolution as a defence against such creditors.

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