Companies Law

Partner’s Joining, Withdrawal, Removal, or Assignment 1. If a new partner joins the company with a new contribution, he shall be personally and jointly liable with the other partners for the company’s past and future debts. He may, however, be relieved from past debts if the other partners unanimously agree thereto. Such agreement shall be valid against creditors from the date it is registered with the Commercial Register and published therein. 2. If a partner withdraws from the company or is removed therefrom, he shall not be liable for the debts incurred by the company following the registration of his withdrawal or removal with the Commercial Register and its publication therein. He shall, however, remain liable for any debts incurred prior thereto, Companies Law unless the other partners and the company’s creditors agree to relieve him from such debts. 3. If a partner assigns his interests, the assignee shall be liable to the company’s creditors for any debts incurred prior to becoming a partner or thereafter. The assignor shall not be liable for the company’s debts toward its creditors unless they object to his relief from liability within 30 days after being notified by the company of such assignment. In case of objection, the assignor shall be jointly and severally liable for the debts incurred prior to his assignment.