Considerations on the acquisition of ownership rights over the assets of the company deregistered by the sole shareholder, foreign citizen belonging to a third state
Considerations on the acquisition of ownership rights over the assets of the company deregistered by the sole shareholder, foreign citizen belonging to a third state

Author(s): Cristina Cojocaru
Subject(s): Law, Constitution, Jurisprudence, International Law, Law on Economics, Commercial Law
Published by: Societatea de Stiinte Juridice si Administrative
Keywords: Romanian commercial law; dissolution; property rights of foreign citizens over land; third state;
Summary/Abstract: The dissolution and liquidation of a company always has consequences in terms of its assets. After the satisfaction of the company's creditors and the payment of its debts, the remaining assets belong to the shareholders, according to the relevant legislation. However, the case where the partner is a foreign national of a third country, not a Member State of the European Union, and the assets left after the deregistration of the company are land, is a specific situation that has been analyzed by the High Court of Cassation and Justice in a recent case. Although the legislation applicable to companies recognizes the right of shareholders over the assets remaining after the deregistration of a company, the situation of the lands is particular, considering the overriding applicable constitutional provisions, as well as the treaties to which Romania is a party. The existence of reciprocity in the matter of acquiring the right of ownership over land is essential and relevant in an action for establishing the right to property, even for a foreign citizen who has the quality of shareholder in a company established on the Romanian territory.

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