(1) The change of legal form does not affect the claims resulting from liabilities of the company changing its legal form that the creditors of the company may have against one of the company’s shareholders, who is personally liable for such obligations in accordance with section 721 of the Civil Code or with section 126 of the Commercial Code at the time the legal form is changed.
(2) The shareholder will be liable for these obligations if they are due before five years have lapsed after the change of legal form and, on their basis, claims of the type designated in section 197 (1) nos. 3 to 5 of the Civil Code have been established against the shareholder, or if a court enforcement action or an enforcement action by the authorities has been taken or applied for; where public-law liabilities are concerned, it suffices for an administrative decision to be issued.
(3) The time limit commences running on the day on which notice of the entry in the register of the new legal form, or of the legal entity in its new legal form, has been given by publication. Sections 204, 206, 210, 211, and 212 (2) and (3) of the Civil Code applying to prescription are to be applied accordingly.
(4) The establishment of claims of the type designated in section 197 (1) nos. 3 to 5 of the Civil Code will not be required should the shareholder have acknowledged the claim in writing.
(5) Subsections (1) to (4) are to be applied also if the shareholder takes up management activities in the legal entity having a different legal form.