ENTERPRISES AND TRANSACTIONS WITH THEM

(1)

An enterprise as a set of rights, obligations and factual relations shall be transferable by a transaction in writing with the signatures attested by a notary public. The transferor shall advise all creditors and debtors of the effected transfer.

(2)

Absent another agreement with the creditors, upon the transfer of an enterprise the transferor shall be liable jointly and severally with the transferee. Creditors of recoverable liabilities shall first address the transferor.

(1)

The transfer of an enterprise shall be registered in the commercial register in the sections of both the transferor and the transferee, and shall be published in the State Gazette.

(2)

(Amended - SG 104/1996) Should the contract transfer real property or another interest therein, the contract shall be registered with the recordation office as well.

Six months after the publication of the enterprise transfer the creditors of the transferor may claim from the transferee performance or security according to their rights. Transferred enterprise shall be managed separately within the six - month term.