195 Effect of conversion of international business company into ordinary company

Where an international business company is converted into an ordinary
company by virtue of section 194 —


(a) all property and rights to which the international business company was
entitled immediately before that conversion remain the property and
rights of the ordinary company;

(b) the ordinary company remains subject to all criminal and civil liabilities,
and all contracts, debts, and other obligations, to which the international
business company was subject immediately before its conversion;

(c) all actions and other legal proceedings which, immediately before the
conversion, could have been instituted or continued by or against the
international business company may be instituted or continued by or
against the ordinary company after the conversion; and

(d) a conviction, ruling, order or judgment in favour of or against the
international business company may be enforced by or against the
ordinary company after the conversion.



company and vice-versa