Azerbaijan introduces voluntary dissolution of legal entities
Baku, Azerbaijan, Nov. 22
By Abbas Akhundov - Trend: The Milli Majlis (parliament) of Azerbaijan approved the amendments to the Civil Code, at a session held on Nov. 22.
The amendments include introduction of a fine for intentional acceptance of official declaration, which confirms the solvency for covering all claims of a liquidated legal entity's creditors. The fine for office-holders is set at 1,000 manats.
The amendments also define the term of liquidation of legal entities, which is set at a maximum of one year.
The chairman of the Parliamentary Committee on Legal Policy and State Building, Ali Huseynli said the voluntary dissolution of legal entities was introduced for the first time.
According to the amendments, the term of registration of branches and representative offices of foreign legal entities will be reduced to a maximum of two days. Local limited liability companies will be able to register right after submission of an electronic application or within a single day in case of conventional address.