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Amendments to legal acts. Capital companies 2023 | LEADELL Academy
20.12.2022
On 1 July 2023, the reform of joint stock companies will enter into force, as well as a series of changes in the regulation of the payment of share capital and access to information. In like manner, the daily management of capital companies will be affected by novelties in the possibility of the expulsion of shareholders
Amendments to Commercial Law – applicable from 1 July 2023
- Ja dalībnieks (akcionārs) ilgstoši neiesniedz sabiedrībai ziņas par tās patiesā labuma guvēju un arī nevēršas ar šādu pieteikumu Uzņēmumu reģistrā, sabiedrība var lūgt tiesu izslēgt dalībnieku (akcionāru) no sabiedrības
- A joint stock company may have only one type of stock – registered stock or bearer stock
- For all capital companies, the share capital will have to be fully paid until the registration application is submitted to the Register of Enterprises
- The obligation of the shareholder who owns bearer stock in the amount of more than 5% of the company’s stock to inform the company about it, and if this has not been done, the stockholder will not be able to use the voting rights arising from the stock, the acquisition of which has not been notified to the company
- A joint stock company will have to submit to the Register of Enterprises either a register of stockholders or an application for making an entry in the commercial register on a central securities depository
- If a shareholder (stockholder) will not provide the company with information about its true beneficiaries for a long time and does not turn to the Register of Enterprises with such an application, the company may ask the court to exclude the shareholder (stockholder) from the company
Amendments to the law “On the Register of Enterprises of the Republic of Latvia” – applicable from 1 July 2023
- Obligation for joint-stock companies that have issued registered stock to submit the register of stockholders, and for joint-stock companies that have issued bearer stock, information on the company’s largest stockholders to the Register of Enterprises
What to do in case of uncertainties?
LEADELL Vītols team actively provides professional support in Corporate governance and Commercial law matters to clients. Entrust these and other issues to us: riga@leadell.com
Lawyer Lauris Broks and legal assistant Paula Paidere shared their knowledge at the LEADELL Academy and would be pleased to help you in finding answers to questions that you may encounter.
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