a)
Principle
Division can be total or partial.
In total division, all the assets of the company are divided into portions and are transferred to other companies. The partners of the divided company acquire the shares and the rights of the transferee company. The totally divided and transferred company ceases to exist and its trade name is removed from the trade registry.
In partial division some part of the assets of a company are transferred into other companies. The partners of the divided company acquire the shares and the rights of the transferee company, or the divided company acquires the shares and the rights of the transferee company in return for the transferred assets and forms its subsidiary.
b)
Allowed divisions
Capital companies and cooperatives can be divided into capital companies and cooperatives.
c)
Protection of company shares
and rights
In total and partial divisions, the company shares and rights are protected in accordance with the Article 140 of the new TCC.
In all companies participating in division company shares in ratio in accordance with their existing shares, or in certain or all companies participating in division company shares in different ratios according to the ratio of their existing shares, may be assigned to the partners of the transferor company.
