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 not transferred to the absorbing company, however the absorbing entity may temporarily continue with business on the basis of the trade license of the absorbed company.
