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For the distribution to be made, one year shall have passed as of
the third announcement made to the creditors. However, where there is
no risk for the creditors, a request can be submitted to the court for the
authorization of distribution before the1-year term.
In principle, the distribution shall be in principle made in cash but
it may be made in kind if determined under the articles of association
of the company (TCC Art. 543/3).
Preservation of Books (TCC Art. 544)
The liquidators are obliged to keep the commercial books and
other relevant documents (including liquidation transactions) in accor-
dance with TCC Art. 82. The last company general assembly shall
declare and ensure that company books are kept by the Civil Court of
Peace for 10 (ten) years.
Cancellation of Registration of Trade Registry (TCC Art. 545)
The liquidators shall apply to the relevant trade registry for the
cancellation of the company trade name at the end of liquidation.
Notifications
The liquidators shall notify tax offices, banks and other relevant
official institutions and submit them a statement of liquidation.
Liabilities of the Liquidators
Concerning the liabilities of liquidators, Art. 546/2 refers to
Art. 553, which stipulates the liabilities of directors in joint-stock
companies.
Pursuant to the said Article, in case the founders, members of the
board of directors, managers and liquidators violate their obligations as
provided in law and in the Articles of Association by fault, they are
liable for the damages incurred to the company, the shareholders and
creditors of the company.
The liquidators, who pay money unjustly by violating the provi-
sions relevant to the invitation and protection of creditors, shall be
liable as per Art. 553 TCC (TCC Art. 541/4). Additionally, the liquida-
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