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The Companies (Amendment) Law of 2011, the Partnerships and Business Names (Amendment) Law of 2011
28.04.2011
Area(s) of Practice: Корпоративное и коммерческое право

“The Companies (Amendment) Law of 2011” regulates issues related to Cover Bonds, due to the enactment of the Covered Bonds Law in 2010 [Law 130(i)/2010]

The amendments to the basic law are as follows:
According to section 90(9) (a) of the basic Companies law (which falls under Part III – Charges and Mortgages), the expression “charge” does not include any mortgage of immovable property effected under any Law relating to the registration of mortgages of immovable property; this sub-section is now amended by adding the phrase “and cover pool charge, according to the provisions of the Covered Bonds Law of 2010”, immediately after the word “property” (third line).

Furthermore, new Section 298A was added to the basic Companies law (under Part V – Proof and Ranking of Claims in case of winding up), regarding the submission of claims of cover pool creditors. According to the new provisions, the cover pool creditors, as defined by Section 2 of the Covered Bonds Law of 2010, should not submit their claims individually to the liquidator, but only via the covered bond manager.

The “Partnerships and Business Names (Amendment) Law of 2011” amends the basic law, in order to facilitate the reorganization and merger of partnerships.

Notwithstanding the provision of this or any other Law, when an application is submitted to the Court, according to the provisions of Section 37 (f), for the dissolution of a partnership or according to the provisions of Section 41 for the winding up of the business and affairs of the firm, and it appears to the Court that the dissolution or winding up is taking place for the purposes of reorganization of one or more of the partnerships or of merging two or more partnerships, and the whole or part of the business or property is proposed to be transferred to another partnership, the provisions of section 200 of Companies Law shall apply accordingly to the extent they facilitate the reorganization or merging of partnerships.

 

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