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LLC | The directors(s) or Board of Directors of an LLC must invite the partners to convene within 90 days from the date of their knowledge of the losses. | The directors(s) or Board of Directors of an LLC must invite the partners to convene within 180 days from the date of their knowledge of the losses. |
JSC | The director(s) or board of directors in a closed JSC must invite the Extraordinary General Assembly to convene within 15 days from the date of the directors’ knowledge of the losses | The director(s) or board of directors in a closed JSC must invite the Extraordinary General Assembly to convene within 60 days from the date of the directors’ knowledge of the losses |
JSC (continued) | The Extraordinary General Assembly should be held within 45 days from the date of the Board of Director’s knowledge of the losses | The Extraordinary General Assembly should be held within 180 days from the date of the Board of Director’s knowledge of the losses |
When to act | What to submit | Details of the submission |
When losses reach 50% of the company’s capital | Submit a report to the MoC and a request for publication on the MoC’s website. | The report should include:
- Losses in numbers, - Percentage of the losses in relation to the capital; and - the main reasons which led to such losses. |
When losses go below 50% of the company’s capital | Submit a report to the MoC and a request for publication on the MoC’s website. | The report should include the measures taken by the company to rectify its situation. |
Within 15 days from the end of each quarter | Submit a report to the MoC for publication on the MoC’s website. | Report on the developments of the company’s losses. |
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