Each day of undisturbed operation of a company\nis of the utmost importance for business operations of the company if the same\nwants to be competitive and profitable in its business, considering economic\ncircumstances and market conditions in which the competition is increasingly\nexpressed.<\/p>\n\n\n\n
It is quite a common case that a company is\norganized as a single-member company, i.e. that the founder and director is the\nsame person and that one person runs the business of the entire company.<\/p>\n\n\n\n
In most cases, companies with this form of organisation\nare in fact family companies and at least one family depends on the income of\nthe same. Crucial problems for the functioning of such companies arise in the\ncase of the death of the founder, i.e. director of the company, because the\ndeath of this person result in a complete blockade of the company’s operation and lives of people whose existence depends on the same. <\/p>\n\n\n\n
Namely, when a director\/founder dies, no person\ncan provide the continuation of a regular business because they do not have the\nauthorization to take all necessary actions, for example to execute payments or\nto conclude necessary deals for the company’s regular operation.<\/p>\n\n\n\n
It should also be taken into account that, in\nmost cases, in such companies there is only one person managing the company and\nundertaking everyday tasks essential for the functioning of the company such as\nthe disposal of the company’s funds, the conclusion of the contract, etc. and\nthat is the director himself, and actually the same is the only person\nauthorized to undertake these actions. Therefore, in the case of the death of\nthe director, the blockade of the business of the company is inevitable. This\nmeans that our laws do not envisage any measures or solutions that could be\napplied to keep that company functioning smoothly until the inheritance process\nis completed. For example, in terms of the legal solutions of the countries in\nthe environment, one of the options for resolving this situation is to\nintroduce a concept of “temporary representative of the company” who\nwould manage the company until finalization of the inheritance process and thus\nenable continuation of the regular business of the company. The temporary\ncompany’s representative would be entitled to take only the actions required to\nprovide the company’s regular business in order to avoid any losses during that\nperiod, or delays in payment of regular obligations, which could become much\nhigher if paid later. <\/p>\n\n\n\n
However, the current legal regulations jeopardize the business of the company since the same has to stop its work until the end of the inheritance process and appointment of the heir where this process may last for several months. Thus, the company may not die with the death of its founder\/director, but due to the fact that there is no person who would “keep it alive” until the end of the inheritance process, because the legislator did not consider this situation when creating legal provisions, the same cannot maintain its own regular business. Obviously, the saying “Time is Money” is irrelevant for our legislation, because in the manner described above, the company loses too much time and in meantime cannot gain a profit or at least avoid additional costs that may ultimately endanger the survival of the company itself.<\/p>\n\n\n\n
Author: Sanja Djukic<\/p>\n\n\n\n
E-mail: sanja@afsajic.com<\/p>\n","protected":false},"excerpt":{"rendered":"
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