The BRIS-UmsG, which is expected to come into force on June 1, 2017, is intended to facilitate cross-border access to company information by linking central, commercial and company registers.

 

In addition, the amendment also contains stricter national law in the area of ​​the deletion of companies due to insolvency. In the future, such deletion should be initiated automatically and ex officio if a company fails to disclose annual financial statements.

 

There are also changes for private foundations. A legal basis is created here so that these can also be deleted officially due to lack of assets.

The BRIS Implementation Act (“BRIS-UmsG” for short) was approved unanimously in the Justice Committee of Parliament on March 14, 2017 and is expected to be implemented on June 1, 2017 following imminent approval by the National Council force.

 

The BRIS-UmsG implements Directive 2012/17/EU (so-called BRIS Directive, derived from the term “Business Register Information System“), which enables cross-border access to company information through a link between central -, commercial and company registers. The aim is, on the one hand, to facilitate cross-border access to company information via the European Justice Portal and, on the other hand, in certain cases – such as a cross-border merger – to ensure automated communication between the national register authorities of the Member States via a central “European platform”.
You can find further details in our current newsletter.

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