Manager resignation. Resign from being a manager.
The subject of this article is to explain the manager resignation procedure or with other words to resign from being a manager of a Bulgarian LTD company. There are 2 (two) ways in which a person can resign as a manager in a Limited Liability company – with a decision of the company and unilaterally. In both ways to result is leaving the company as a manager.
- A decision of the General Meeting
The manager can request his dismissal from the company. Based on such request or by other corporate reasons, the General Meeting of the company can decide the manager to be dismissed and to assign a new one on his place. More information on this procedure you can find here.
In order to apply in the Commercial Register for registering the changes of the management body, there must be a new person hired in this position. The law does not allow the General Meeting to decide to remove the old director and not to assign a new one on his place if he is the only manager. This is because the company can’t be left without a representative.
- Unilaterally resign from being a manager of a Bulgarian company
The provision of Art. 141, para. 5 of the Commercial Act states that the manager of a Limited Liability Company may request to be deleted from the Commercial register by written notice to the company. Within 1 month after the receipt of the notification, the company must submit for registration in the Commercial Register his release. If the company fails to do so and there is no decision from their side or such has not been submitted in the Commercial register so all their parties are informed, the manager may himself declare it. In this case, even if there is no other person assigned as a manager and the company will be left with no manager, the Commercial Register will accept such deletion.
Our lawyers from Innovires Legal can fully assist you if you want to resign from being a manager of a Bulgarian company.
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