Local Reorganizations – general guidelines on completion

  • For the merger or acquisitionto take place, the Board of Directors’ resolution of each merging company approving the transaction along with a draft plan for the auditors’ review required;
  • An application to a Court for a meeting to be scheduled between parties of merging companies accompanied by the sworn statement (an Affidavit) of each merging company respectively is filed on behalf of the companies involved;
  • After the leave of the Court is obtained, separate meetings of shareholders and creditors of the merging companies are convened respectively;
  • The reorganization plan is then approved by the shareholders of each merging company whereas the shareholders of the Absorbing company will also approve the reduction of capital
  • A report of the Chairman of the shareholders’ meeting of each of the merging companies will need to be drafted;
  • A report of the Chairman of the creditors’ meeting (where applicable) of each of the merging companies will need to be drafted;
  • After the merger plan is approved a petition for the merger final approval by the Court is filed. A sworn statement (an Affidavit) of each company director is required to be enclosed to the petition filed with the Court;
  • A copy of the merger plan and the Court Order is also required to be filed with the Department of Registrar of Companies for the registration of the merger.

Request more info

    error: Content is protected !!