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Amendment to the Czech Commercial Code simplifying disposal of a company and associated amendments

July 2007 - Corporate & Commercial. Legal Developments by Ambruz & Dark.

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The amendment to the Act on Trading in the Capital Market, which was published in March 2006 in the Collection of Laws, significantly amended the Commercial Code and other legal regulations. The change to the Commercial Code considerably simplifies the processes related to transfer of a business or a company’s assets and liabilities and affects the provisions on de-merger of a company. The amendment also contains new, more extensive regulation of the obligations of securities issuers whose securities are to be offered to a broader public range of persons within a public offer of investments securities. The amendment extends the provisions of the Civil Code on consumer contracts to include the new legal regulation of distance contracts for financial services.



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