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9 Number of individuals 921,412 401,855 Number of firms 17,847 12,172 38 Strength of legal rights index (0-10) 6 Can any business use movable assets as collateral while keeping possession of the assets; and any financial institution accept such assets as collateral ? Yes Does the law allow businesses to grant a non possessory security right in a single category of movable assets, without requiring a specific description of collateral? No Does the law allow businesses to grant a non possessory security right in substantially all of its assets, without requiring a specific description of collateral?

James pays damages for the harm caused to the company upon a successful claim by the shareholder plaintiff? Indicator 5 3 0 0 2 0 2 0 1 0 0 44 Whether Mr. James repays profits made from the transaction upon a successful claim by the shareholder plaintiff? Whether fines and imprisonment can be applied against Mr. James? Whether shareholders can sue directly or derivatively for the damage that the Buyer-Seller transaction causes to the company? Ease of shareholder suits index (0-10) Whether the plaintiff can obtain any documents from the defendant and witnesses during trial?

M. m. m. m. m. m. 000 The documentation shall include: Application (in the established form) Procedure 2 Payment of stamp duty and notarization of sale-purchase agreement by public notary Time to complete: 1 day Cost to complete: AMD 5,000 (Stamp duty for Notarization) + AMD 15,000 – 20,000 (Notary’s fees) Comment: Previously, stamp duty for notarization was paid to the respective settlement account at a commercial bank – however, it is now possible to pay this stamp duty directly at the notary office.

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