Abstract

The new act on succession management of a single proprietorship guarantees continuity of its operations after the entrepreneur's death.

The entrepreneur or authorized persons will be able to appoint a successor manager who will be entitled to run the estate after the entrepreneur's death. The manager may be anyone who has full legal capacity and has not been banned from doing business. The succession manager shall act in his own name, but on behalf of the estate. The successor manager's responsibility is to run the undertaking included in the estate. The succession manager is a person appointed to conduct current affairs of the undertaking after the entrepreneur's death until inheritance formalities have been completed.