Where the net assets are likely to become or have become negative, the administrative\u00a0\u00a0 body must, unless the articles of association provide otherwise, convene the general\u00a0 meeting of shareholders to be held within two (2) months of the date on which this situation\u00a0 was or should have been established under legal or statutory provisions, with a view to deciding on the dissolution of the company\u00a0 or\u00a0 measures\u00a0 announced\u00a0 in\u00a0 the\u00a0 agenda\u00a0 in order to ensure the company’s continuity.<\/p>\n
Unless the administrative organ proposes the dissolution of the company, it shall set out\u00a0\u00a0\u00a0\u00a0\u00a0 in a special report the measures it proposes to ensure the continuity of\u00a0 the company.\u00a0\u00a0\u00a0\u00a0 This report is announced in the agenda. In the absence of the report, the decision of the general meeting is null and void.<\/p>\n
The same procedure shall be followed when the administrative organ finds that it is no longer certain that the company, depending on the developments that can reasonably be expected, will be able to discharge its debts as they fall due for at least the following twelve months.<\/p>\n
Where the general meeting has not been convened in accordance with this article, the damage suffered by third parties shall, in the absence of proof to the\u00a0 contrary, be\u00a0 presumed to result from such failure to convene.<\/p>\n
Article 5: 153 of the Companies and Associations Code<\/p><\/blockquote>\n","protected":false},"featured_media":0,"template":"","categories":[1],"tags":[],"class_list":["post-18822","legalconcepts","type-legalconcepts","status-publish","hentry","category-uncategorized"],"acf":[],"yoast_head":"\n
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