Register of disqualifications

On January 1, 2016, an amendment of the Commercial Code shall become effective which implements the so-called register of disqualifications. The register of disqualifications shall contain data on natural persons which will be prohibited by a judicial decision to perform certain functions in the bodies of companies and cooperatives. The court will be able to determine that during the period specified in its decision the natural person will not be able to perform the function of a member of a statutory body, member of a supervisory body, head of the branch office, head of a foreign entity, head of a branch office of a foreign entity or a function of a holder of the procuration. As a decision on disqualification shall be deemed also a final judgement of the court pursuant to the Act on Bankruptcy and Restructuring that shall impose a duty to the statutory representative to pay a contractual penalty for the breach of obligation to file an application for declaration of bankruptcy.