Law of Tradenames

Effect of Transfer of Ownership of Tradename along with the Business Premises The rights and obligations previously established under a tradename shall be transferred to the person to whom such name is transferred together with the business premises, unless agreed otherwise. The predecessor and successor shall, however, remain jointly and severally liable to the creditors, and any agreement to the contrary shall not be valid against the creditors without their approval. No claim regarding the successor’s liability for the predecessor’s obligations shall be heard after the lapse of five years from the date of transfer of ownership. Chapter 3: Cases of Cancelation and Strike-off