As a principle, all assets and rights, obligations and liabilities, as well as legal relationships, are transferred from the transferring company to the absorbing company by way of universal legal succession. Strictly personal rights and obligations are exempted from this principle and cannot be transferred (but cease to exist when the merger becomes effective). The transfer of rights or obligations attached to certain assets is dependent upon the transfer of such assets. With regard to regulatory rights and obligations, the transfer is to be assessed individually. For example, trade licenses are only transferred to the absorbing company if this entity satisfies the respective preconditions and criteria for the issuance of such license. Within a period of six months, the Austrian absorbing company is required to give notice of the transfer to the competent authority and proof that it complies with the respective criteria.
