Bill on Limited Liability Companies - A Fundamental Change - Definitions - Part I

The Government has recognized that the current law on limited liability companies,Law No. 1 of 1995, no longer adequately regulates the needs of the business and corporate community in this era of globalization and the ever-increasing interdependence of the global community. This recognition by the Government of the inadequacy of the current law has led to the drafting of a new law. Although this is stated to be a perfection of the current law it is important to note that this is not an amendment bill but rather a complete restatement of the law on limited liability companies.