Draft law regulating the right of limited liability companies to issue bonds adopted in final reading

Parliament adopted in second reading draft amendments to the Law on Limited Liability Companies and the Law on the Capital Market, which deals with the detailed regulation of the powers of the governing bodies of limited liability companies in the context of the issuance of corporate bonds.

The draft law was elaborated after the adoption of Law no. 229/2018 on the amendment of some legislative acts by which the limited liability companies were empowered with the right to issue corporate bonds in order to borrow financial resources both internally and externally.

The adopted document establishes that the issue of the bonds will be decided by the decision of the general meeting of the associates, and the issuance procedure will be carried out based on and according to the provisions of the company's statute.

At the same time, the proposed amendments regulate the issues on information, which has to be delivered regarding the limits and protection of the rights of bond holders; the company's documents, which regulate the particularities of issuing the bonds; distribution of net profit in the event of unpaid bonds; the powers of the general meeting with regard to the issuance of bonds; liability of the administrator of the company for violating the rights of bond holders; the investment with executory formula of the purchase contract of the bonds.

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