What is a major transaction in an Uzbek LLC?

Question

Accepted Answer

A deal over a quarter of net assets — it takes a shareholders’ decision. >25% The threshold — one deal or several linked ones, over property worth more than 25% of net assets by the last accounts; the charter may set the bar higher. Ordinary Day-to-day business is out — deals in the ordinary course of business are not major, whatever their size. 25–50% The board can take the middle band — where the charter creates a supervisory board and hands it deals in that range. Voidable Skipping the approval risks the deal — a major transaction concluded in breach may be invalidated by court on the company’s or a shareholder’s claim. A major transaction is one deal, or several interconnected ones, in which the company acquires or disposes of — or may come to dispose of — property worth more than twenty-five per cent of its net assets, measured by the accounts for the last reporting period before the decision; the charter may raise that threshold. Deals in the ordinary course of business are excluded. The decision belongs to the general meeting, and the charter may delegate deals between twenty-five and fifty per cent to a supervisory board where one exists. The sanction runs in two directions: the deal itself may be invalidated by court, and a director who breaks the conclusion procedure for major or related-party deals — with fault proven — answers subsidiarily to creditors where the company’s assets fall short.

What is a major transaction in an Uzbek LLC?

Related questions

This calendar can be owned for you