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Following the approval of the inventory and balance sheet by the
General Assembly, the liquidators shall seize all of the assets, docu-
ments and books of the company that are included in the inventory.
Invitation and Protection of Creditors (TCC Art. 541)
Concerning a company in liquidation, the creditors shall be invit-
ed to notify their receivables to the liquidators. The liquidators shall
invite the creditors, via registered letter with return receipt, whose
addresses can be obtained from the company’s books or other relevant
documents. Other creditors shall be informed of the liquidation of the
company and invited to claim their receivables by announcing the liq-
uidation of the company 3 times (once a week) on the web site of the
company and in the Trade Registry Gazette. If the creditors who are
known do not make any claim, the amount of their receivables shall be
reserved in the account of a bank to be determined by the Ministry of
Customs and Commerce.
Unless the debts of the company, which are not due and which are
not subject to any dispute, are guaranteed by sufficient sureties, or in
case the distribution of the company assets among shareholders is not
subject to the condition of the payment of these debts, such amount
equivalent to such debt shall be deposited with the notary public.
Liquidators who act contrary to the aforesaid and unjustly distribute
funds to the shareholders shall be held liable pursuant to Art. 553 TCC.
Other Liquidation Transactions (TCC Art.542)
The duties of liquidators concerning other liquidation transactions
are briefly provided below (TCC Art. 542):
• Liquidators conduct daily business of the company and con-
clude work already begun before their arrival. They cannot
engage in new transactions that are not necessary in terms of
liquidation.
• Unpaid portions of shares shall be collected. The assets are
turned into cash. The liquidators have the authority to sell the
assets one by one or in whole. Unless otherwise provided in the
general assembly, the liquidators can sell the assets at a bargain
price (TCC Art. 538/1).
COMMERCIAL LAW
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