By amending the provisions of Law 3190/55 and Law 4072/2012 on regarding the duration of limited liability companies and Private Capital Companies respectively, an answer is given to the question of the duration of these companies that already trouble many entrepreneurs.
With the latest amendments brought by law 4872/2021, companies of the above legal types can now both be of indefinite and of a fixed duration, while those companies that have chosen a fixed term duration will automatically be converted to an indefinite term at the original duration expiry, except if the partners proceed with the dissolution of the company.
Legislative changes thus address two issues that have already arisen in practice:
- The Ltd. of indefinite duration are no longer required to amend the Articles of Association until 31.12.2021 after the repeal of Article 55 of Law 4872/2021, Article 12 of Law 4541/2018, and
- Partners to Ltd. and PC companies with a fixed term duration that is to expire now need not worry about the timely extension of the duration, since this will be done automatically unless they want to dissolve and liquidate the company.
Attorney-at-law, LL.M. Corporate & Commercial Law, MCIArb