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October 28, 2023 - بواسطة Etmaam Law

Solidarity in Financial Responsibility: A Review of Provisions in the New Company System

 When considering the cases where management or partners are jointly responsible for paying the company's creditors, one can review the following articles and clauses to understand the situations in which the concerned individuals must bear responsibility jointly:

 

1.      Article Nine: Acquisition of Corporate Personality

 

Paragraph 3 states that if the company's establishment procedures aren't fulfilled and transactions were carried out in its name during the establishment period, those who acted on behalf of the company bear personal and joint responsibility towards third parties for the actions and behaviors emanating from them.

2.      Article Thirty-Five: Partnership Company

 

This article defines a partnership company and indicates that its partners are personally and jointly responsible for the company's debts and obligations. This means they jointly bear financial responsibility if the company cannot repay its debts.

3.      Article Sixty-Four: Share Deposit

 

Paragraph 2 points out that if the company isn't registered with the commercial register, the subscribers can retrieve the amounts they've paid. In such a case, the founders bear joint responsibility for fulfilling this obligation and for compensating the subscribers when necessary.

4.      Article One Hundred and Three: Company Shares

 

Paragraph 1 indicates that the shares of a joint-stock company are indivisible and non-fragmentable. This means that multiple owners of a share must choose someone to represent them in exercising the rights related to the share, and they jointly bear responsibility for obligations arising from share ownership.

5.      Article One Hundred and Forty-One: Evaluation of In-kind Share

 

This article emphasizes the importance of fairly evaluating in-kind shares. If this isn't done and they are valued unfairly, the founders or shareholders must jointly bear the responsibility for the difference between the two values.

6.      Article Two Hundred and Forty: Responsibility for Non-compliant Actions

 

This article states that if the company undertakes actions before obtaining the necessary licenses or before its registration in the commercial register, partners and involved individuals bear joint responsibility for these non-compliant actions.

7.      Article Two Hundred and Forty-Two: Examining the Company's Financial Status

 

Paragraph 1 refers to the duty of the company's directors or board members to prepare a statement confirming the company's ability to pay its debts and comply with the bankruptcy system. If this isn't done and the company is dissolved, directors and board members bear joint responsibility for any remaining debts.

8.      Article Two Hundred and Forty-Four: Company Liquidation

 

This article specifies that if the company is liquidated contrary to provisions, partners, shareholders, directors, or board members bear joint responsibility for any remaining debts.

These are the cases where management or partners jointly settle the company's creditors and bear joint responsibility for obligations and debts. The importance of adhering to systems and laws is highlighted, as well as the need to take the required procedures to avoid shared financial responsibility in case of system violation.

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