President Andrej Kiska has vetoed and returned to Parliament the amendment to the Commercial Code, which changes the conditions for the establishment and operation of limited liability companies. President Kiska asked Parliament not to adopt this enacted legislation as a whole.
One of the primary objectives of the amendment to the Commercial Code is the overhaul of duties of statutory bodies of trade companies. President Kiska sees this as a problem, as the insufficient legal arrangement and enforcement of obligations of statutory representatives of companies reduces legal certainty, increases costs, and undermines confidence in the ability of public authorities to take action against those causing damage to creditors, including employees. According to the head of state, the amendment further introduces obligations that are unenforceable. The Amendment is now on its way back to Parliament which can however with a second voting pass the amendment into a law.
