Article 23. Acceptance of Liability by Transferee Corporation

(Compare Article 28 of the former Commercial Code)

Even in cases where the transferee corporation does not continue to use the trade name of the transferring corporation when there is an advertisement to the effect that obligations arising out of the business of the transferring corporation will be assumed, the creditors of the transferring corporation may demand repayment of the transferee corporation.

Disclaimer: This translation is for general reference purposes only and is provided on an “as is” basis with no warranties made whatsoever. Attorney Roderick H. Seeman (licensed in the USA) shall not be responsible for any consequences resulting from the use of this translation. Reliance must be placed on the original Japanese text of the laws. In the text of the translation article headings are added in parenthesis are not in the Japanese language original and are added only for the purposes of enhanced comprehension.

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