The persons who will inherit the right to own a holding in a limited liability company will be able to get the equivalent value of the holding if the inheritor’s quality of new associate is rejected by the associates of the Ltd, IPN reports, quoting the amendments approved by the Government to the Law on Limited Liability Companies.

A limited liability company is founded and works based on the will and mutual confidence of associates. The associates can reject the quality of new associate of the inheritor of the holding, but the rejection should not affect the property right of the latter.

The Constitutional Court declared unconstitutional the provision of the Law on Limited Liability Companies which stipulates that the person who inherits a capital share in an Ltd can come into possession of its equivalent value only after relevant changes are made in the documents on the foundation of the Ltd. Such modifications are made in the general assembly of shareholders, whose convocation can last.

The amendments approved by the Government provide that for the changes concerning the inheriting of a capital share to be registered in the State Register of Legal Entities, the new shareholder will present the legal document showing this became an inheritor, authenticated by a notary, to the State Registration Chamber, without needing to also present the modified document on the foundation of the Ltd and the relevant decision of the general assembly of shareholders.

At the beginning of this year, the enterprises registered in Moldova totaled 171 622, with 95,521 (56%) of these being limited liability companies.