380 / 522
The TCC provision that stipulates share seizures directly refers to
the Bankruptcy and Enforcement Law (“BEL”). In this regard, Art. 94
of the BEL must be taken into consideration. The said provision is as
follows:
“
If a usufruct right, or an undivided inheritance, or a compa-
ny or co-owned property share is seized, the enforcement
office shall notify the relevant third parties whose resident
addresses are known. In this way, if the debtor’s shares in a
specific immovable are seized, the enforcement office shall be
able to inform the title deeds registry to record the seizure
restriction on the title deed. If no share certificate or interim
certificate is issued, the share shall be sezied by notification of
the seizure to the company by the enforcement office. It is
mandatory that this seizure is registered in the share ledger;
however, the seizure shall be considered as completed on the
notification date to the company even if it is not registered in
the share ledger. The seizure shall be notified to the Trade
Registry for registration by the enforcement office. In this
instance, the transfer of the seized shares shall be null and
void insomuch as it violates the rights of the creditors. The liq-
uidation of the seized shares shall be subject to the liquidation
of movable property. For other movables, the enforcement
office shall take the necessary measures to prevent transfer to
third parties.
…
The legal costs incurred by creditors for this reason are col-
lected from the debtor by the enforcement office without any
enforcement action or judicial decision.
”
The seizure and transfer of the shares are subject to the provisions
that govern the liquidation of movables. In this case, when a creditor
requests the seizure of a limited liability company share, the enforce-
ment office notifies the company by drawing up a writ of seizure.
Moreover, the company’s trade registry is also notified through a writ
of seizure that the shares are seized. Furthermore, the enforcement offi-
cer is entitled to notify the company of the seizure and have the seizure
registered in the share ledger in the company headquarters. The seizure
officer records these actions by filing an official report.
364
NEWSLETTER 2015