LLC is dissolved when:
- Any condition for dissolution as set out in the articles of association is realized,
- The related general assembly resolution is adopted,
- Any other condition for dissolution as set out in law is realized,
- Adjudication of bankruptcy is declared.
If one of the organs of the partnership cannot not exist for a long time or if the general assembly is unable to meet, based on a partner's or a creditor's request for dissolution of the partnership, the commercial court of the first instance grants a period for the partnership to align its position with the law. If the position is still not aligned, the court may decide for dissolution of the partnership.
Each partner may request dissolution of the partnership from the court with a valid reason. The court may rule that the plaintiff partner is paid the actual value of shares owned by this partner and is dismissed from the partnership or another solution may be offered that may be acceptable. When the legal action for dissolution is filed, the court may take necessary precautions based on the request of one of the parties.
The provisions with regards to joint stock companies apply to the consequences of dissolution in the LLCs.
