Commercial Register Law

Suspension of Registration in the Commercial Register 1. The registrar shall suspend the merchant's registration if he fails to submit his annual confirmation statement within 90 days from the date set for such confirmation. 2. The registrar shall, prior to suspending the registration in accordance with paragraph (1) of this Article, notify the merchant that his registration will be suspended 14 days following the date of notification. If the merchant fails to submit the annual confirmation statement prior to the lapse of said period, he shall be notified of the suspension decision. 3. The registrar shall record the decision to suspend the registration in the Commercial Register, and all licenses issued for such registration shall consequently be suspended. The Regulations shall specify any other effects resulting from the suspension decision. 4. Suspension of the registration in the Commercial Register shall be for a period of one year. The registrar shall lift the suspension if, within said period, the merchant submits a request to lift such suspension, provided that he submits the annual confirmation statement and pays the prescribed fees and the fine imposed pursuant to Article 21 of this Law. 5. With the exception of a company and a branch of a foreign company, if the merchant fails to take the necessary action in accordance with paragraph (4) of this Article, the registrar shall strike off his registration. 6. If a company or a branch of a foreign company fails to take the necessary action in accordance with paragraph (4) of this Article, it shall not be entitled to apply for the suspension to be lifted. The Ministry may, upon the expiration of the period referred to in paragraph (4) of this Article, demand the partners or shareholders to dissolve the company or may seek dissolution thereof from the competent court. Chapter 4: Access to and Evidentiary Force of Registration Data