The personal creditors of a partner or a shareholder shall not claim the payment of their debt from the share of such partner or shareholder in the share capital of the company. They may, upon dissolution of the company claim the payment of their debt out of the share of the partner or shareholder in the remaining assets of the company after payment of its debts. Notwithstanding the aforesaid, the personal creditors of a shareholder in a commercial company other than a joint stock company may claim payment of their debt out of the share of the shareholder in the company’s profits as specified in the company’s profit and loss account. However, in the case of a joint stock company, payment may be claimed only out of the shareholder’s share in the declared dividends. The personal creditors of a shareholder in a joint stock company may, in addition to the rights provided in the two preceding paragraphs, demand the sale of such shareholder’s shares in a public auction in order to recover payment of their debt out of the proceeds of the sale, subject to the provisions of the applicable laws.
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