Liquidator's Powers and Actions ch1--2

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Questions and Answers

Who is responsible for preparing annual financial statements and reports on liquidation activities?

The company's auditor

The manager or board of directors

The Ministry

The liquidator (correct)

When must the liquidator conduct an inventory count of the company's assets and liabilities?

After one year of starting the job

Within 30 days of starting the job

Within 180 days of starting the job

Within 90 days of starting the job (correct)

What happens if the company's assets do not cover its debts during liquidation?

The liquidator must transfer the property to non-profit entities or persons approved by the Ministry

The liquidator must inform partners, shareholders, and creditors and apply to the Competent Judicial Body to initiate liquidation proceedings under the Bankruptcy Law (correct)

The liquidator must submit a detailed financial report

The liquidator must distribute the surplus according to the company's MOA or AOA

To whom must a Nonprofit Company's property be transferred during liquidation?

Persons or non-profit entities named in its MOA or AOA, or designated by the donor, testator, or endowment creator Signup and view all the answers

What happens upon completion of the liquidation work?

The liquidator submits a detailed financial report, which ends the liquidation process when approved Signup and view all the answers

Who is liable for damages caused by exceeding powers or committing errors during liquidation?

The liquidator Signup and view all the answers

How long after a company's name is removed from the commercial register can lawsuits against the liquidator be heard (except for fraud and forgery cases)?

Not more than five years Signup and view all the answers

Who has jurisdiction to investigate and prosecute crimes related to law and regulations?

The Public Prosecution Signup and view all the answers

Who handles disputes for joint stock companies listed on the financial market?

Securities Dispute Resolution Committee Signup and view all the answers

What happens if there are no provisions in a company's MOA or AOA regarding surplus distribution?

Surplus is distributed according to pro rata capital contributions if no such provisions exist in MOA or AOA. Signup and view all the answers

What does liability depend on with regards to multiple liquidators?

The liquidator Signup and view all the answers

What is the requirement for the actions of several liquidators to be valid?

Unanimous consent Signup and view all the answers

In what capacity can the liquidator represent the company?

Before the judiciary, arbitral tribunals, and third parties Signup and view all the answers

When may the liquidator start new activities?

Only if necessary to complete previous ones Signup and view all the answers

When do the liquidator's powers cease to exist?

Upon completion of the liquidation activities or upon the expiry of liquidation period Signup and view all the answers

What does Article 253 pertain to?

Inventory count of assets and liabilities Signup and view all the answers

What is required for the sale of company's assets by the liquidator?

Conversion into cash money ensuring highest possible price Signup and view all the answers

Under what circumstances can a liquidator sell company's assets as an equity stake in another company?

If authorized by the entity that appoints it Signup and view all the answers

What is required for a new activity to be started by a liquidator?

Necessity to complete previous ones Signup and view all the answers

What is necessary for a company to be bound by the liquidator's activities?

Activities falling within scope of its power Signup and view all the answers

Under what circumstances can a liquidator start new activities during the liquidation process?

The liquidator may start new activities only if they are necessary to complete previous ones. Signup and view all the answers

What is the scope of the liquidator's powers in representing the company?

The liquidator shall represent the company before the judiciary, arbitral tribunals and third parties, subject to the restrictions contained in the liquidator appointment decision. Signup and view all the answers

When do the liquidator's powers cease to exist?

The liquidator’s powers shall cease to exist upon the completion of the liquidation activities or upon the expiry of the liquidation period, whichever is earlier, unless extended according to the provisions of the Law. Signup and view all the answers

What actions are required for the liquidation process, as per Article 252?

The liquidator shall carry out all the activities required by the liquidation process, including the conversion of the company's assets into cash money, and may sell the company’s assets on a wholesale basis or provide them as an equity stake in another company if authorized. Signup and view all the answers

Under what conditions is the company bound by the liquidator’s activities?

The company shall be bound by the liquidator’s activities that fall within the scope of its power. Signup and view all the answers

What is the requirement for the actions of several liquidators to be valid?

If there are several liquidators, they shall work together, and their actions shall be valid only by their unanimous consent, unless otherwise indicated in their appointment decision or authorized by the party that appoints them. Signup and view all the answers

Explain the responsibilities of the manager or board of directors of a company during liquidation proceedings.

The manager or board of directors must submit required books, records, documents, clarifications, and data to the liquidator. Signup and view all the answers

What is the purpose of Article 253 in the liquidation process?

Article 253 pertains to the inventory count of assets and liabilities of the company during the liquidation process. Signup and view all the answers

What actions are required of the liquidator within 90 days of starting the job?

The liquidator must conduct an inventory count of the company's assets and liabilities, and require the company's auditor to report on this inventory. Signup and view all the answers

What are the powers of the liquidator in relation to the sale of company's assets?

The liquidator may sell the company’s assets on auction or by any other means that ensures the obtaining of the highest possible price, subject to the restrictions contained in the liquidator appointment decision. Signup and view all the answers

Under what circumstances must the liquidator inform partners, shareholders, and creditors and apply to the Competent Judicial Body to initiate liquidation proceedings?

If the company's assets do not cover its debts during liquidation. Signup and view all the answers

Can the liquidator sell the company's assets as an equity stake in another company?

Yes, the liquidator may provide the company’s assets as an equity stake in any other company if authorized by the entity that appoints it. Signup and view all the answers

What is the process for surplus distribution by the liquidator if there are no provisions in the company's MOA or AOA?

The liquidator distributes the surplus according to pro rata capital contributions. Signup and view all the answers

What is the condition for the liquidator to represent the company before third parties?

The liquidator shall represent the company before third parties, subject to the restrictions contained in the liquidator appointment decision. Signup and view all the answers

What happens if there are no provisions in the liquidator's appointment decision regarding the liquidation period?

What is the requirement for transfer of a Nonprofit Company's property during liquidation?

The property must be transferred to persons or non-profit entities named in its MOA or AOA, or designated by the donor, testator, or endowment creator. Signup and view all the answers

When may the liquidator sell the company's assets on a wholesale basis?

The liquidator may sell the company’s assets on a wholesale basis if authorized by the entity that appoints it. Signup and view all the answers

When does the liquidator submit a detailed financial report to end the liquidation process?

Upon completion of the liquidation work. Signup and view all the answers

Explain the liability of the liquidator for damages caused by exceeding powers or committing errors during liquidation.

Liability is either personal or joint, depending on the number of liquidators and their agreement to operate independently. Signup and view all the answers

What is the time limit for lawsuits against the liquidator to be heard (except for fraud and forgery cases)?

Lawsuits cannot be heard more than five years after the company's name is removed from the commercial register. Signup and view all the answers

Who has jurisdiction to investigate and prosecute crimes related to the law and regulations, except for matters related to joint stock companies listed on the financial market?

The Public Prosecution has jurisdiction. Signup and view all the answers

Which entity handles disputes for joint stock companies listed on the financial market?

The Securities Dispute Resolution Committee handles disputes and imposes penalties as prescribed. Signup and view all the answers

What happens with regards to crimes related to law and regulations for joint stock companies listed on the financial market?

The competent court considers and adjudicates all civil and criminal cases and disputes, imposing relevant penalties. Signup and view all the answers

What happens if the company's assets do not cover its debts during liquidation?

The liquidator must inform partners, shareholders, and creditors and apply to the Competent Judicial Body to initiate liquidation proceedings under the Bankruptcy Law. Signup and view all the answers

Article 251 If there are several liquidators, they shall work together, and their actions shall be valid only by their ______ consent, unless otherwise indicated in their appointment decision or authorized by the party that appoints them

unanimous Signup and view all the answers

The liquidator shall represent the company before the judiciary, arbitral tribunals and third parties. The liquidator shall carry out all the activities required by the liquidation process, including, in particular, the conversion of the company's assets into cash money, including the sale of movable or immovable assets on auction or by any other means that ensures the obtaining of the ______ possible price

highest Signup and view all the answers

The liquidator may either sell the company’s assets on a wholesale basis, or provide the same as an equity stake in any other company, if so authorized by the entity that ______ it

appoints Signup and view all the answers

The liquidator may start new activities only if they are necessary to complete previous ______

ones Signup and view all the answers

The company shall be bound by the liquidator’s activities that fall within the scope of its ______

power Signup and view all the answers

The liquidator’s powers shall cease to exist upon the completion of the liquidation activities or upon the expiry of liquidation period, whichever is earlier, unless extended according to the provisions of the ______

Law Signup and view all the answers

Inventory count of assets and ______: ARTICLE 253

liabilities Signup and view all the answers

Subject to the restrictions contained in the liquidator appointment decision, the liquidator shall represent the company before the judiciary, arbitral tribunals and third parties. The liquidator shall carry out all the activities required by the liquidation process, including, in particular, the conversion of the company's assets into cash money, including the sale of movable or immovable assets on auction or by any other means that ensures the obtaining of the highest possible ______

price Signup and view all the answers

The liquidator may either sell the company’s assets on a wholesale basis, or provide the same as an equity stake in any other company, if so authorized by the entity that ______ it

appoints Signup and view all the answers

The liquidator may start new activities only if they are necessary to complete previous ______

ones Signup and view all the answers

The company shall be bound by the liquidator’s activities that fall within the scope of its ______

power Signup and view all the answers

The liquidator’s powers shall cease to exist upon the completion of the liquidation activities or upon the expiry of liquidation period, whichever is earlier, unless extended according to the provisions of the ______

Law Signup and view all the answers

Within 90 days of starting the job, the liquidator conducts an count of the company's assets and liabilities, and requires the company's auditor to report on this .

inventory Signup and view all the answers

If the company's assets do not cover its ______ during liquidation, the liquidator must inform partners, shareholders, and creditors and apply to the Competent Judicial Body to initiate liquidation proceedings under the Bankruptcy Law.

debts Signup and view all the answers

The liquidator settles or sets aside funds for debt repayment, with debts arising from liquidation taking priority. The liquidator distributes the ______ according to the company's MOA or AOA, or pro rata capital contributions if no such provisions exist.

surplus Signup and view all the answers

Upon completion of the liquidation work, the ______ submits a detailed financial report, which, when approved, ends the liquidation process.

liquidator Signup and view all the answers

The is liable for damages caused by exceeding powers or committing errors. Liability is either personal or joint, depending on the number of s and their agreement to operate independently.

liquidator Signup and view all the answers

The Public ______ has jurisdiction to investigate and prosecute crimes related to the law and regulations, except for matters related to joint stock companies listed on the financial market.

Prosecution Signup and view all the answers

The competent ______ considers and adjudicates all civil and criminal cases and disputes arising from the application of the law and regulations, imposing relevant penalties. For joint stock companies listed on the financial market, disputes are handled by the Securities Dispute Resolution Committee, which also imposes penalties as prescribed.

court Signup and view all the answers

When a Nonprofit Company is liquidated, its must be transferred to persons or non-profit entities named in its MOA or AOA, or designated by the donor, testator, or endowment creator. If no such entities exist, the is transferred to non-profit entities or persons approved by the Ministry.

property Signup and view all the answers

The ______ prepares annual financial statements and reports on liquidation activities, including observations and reservations.

liquidator Signup and view all the answers

Lawsuits against the ______, except for fraud and forgery cases, cannot be heard more than five years after the company's name is removed from the commercial register.

liquidator Signup and view all the answers

The ______ or board of directors of a company must submit required books, records, documents, clarifications, and data to the liquidator.

manager Signup and view all the answers

The liquidator conducts an inventory count of the company's ______ and liabilities, and requires the company's auditor to report on this inventory.

assets Signup and view all the answers

The ______ must inform partners, shareholders, and creditors and apply to the Competent Judicial Body to initiate liquidation proceedings under the Bankruptcy Law.

liquidator Signup and view all the answers

Study Notes

The manager or board of directors of a company must submit required books, records, documents, clarifications, and data to the liquidator.
The liquidator prepares annual financial statements and reports on liquidation activities, including observations and reservations.
Within 90 days of starting the job, the liquidator conducts an inventory count of the company's assets and liabilities, and requires the company's auditor to report on this inventory.
If the company's assets do not cover its debts during liquidation, the liquidator must inform partners, shareholders, and creditors and apply to the Competent Judicial Body to initiate liquidation proceedings under the Bankruptcy Law.
The liquidator settles or sets aside funds for debt repayment, with debts arising from liquidation taking priority. The liquidator distributes the surplus according to the company's MOA or AOA, or pro rata capital contributions if no such provisions exist.
When a Nonprofit Company is liquidated, its property must be transferred to persons or non-profit entities named in its MOA or AOA, or designated by the donor, testator, or endowment creator. If no such entities exist, the property is transferred to non-profit entities or persons approved by the Ministry.
Upon completion of the liquidation work, the liquidator submits a detailed financial report, which, when approved, ends the liquidation process.
The liquidator is liable for damages caused by exceeding powers or committing errors. Liability is either personal or joint, depending on the number of liquidators and their agreement to operate independently.
Lawsuits against the liquidator, except for fraud and forgery cases, cannot be heard more than five years after the company's name is removed from the commercial register.
The Public Prosecution has jurisdiction to investigate and prosecute crimes related to the law and regulations, except for matters related to joint stock companies listed on the financial market.
The competent court considers and adjudicates all civil and criminal cases and disputes arising from the application of the law and regulations, imposing relevant penalties. For joint stock companies listed on the financial market, disputes are handled by the Securities Dispute Resolution Committee, which also imposes penalties as prescribed.
The manager or board of directors of a company must submit required books, records, documents, clarifications, and data to the liquidator.
The liquidator prepares annual financial statements and reports on liquidation activities, including observations and reservations.
Within 90 days of starting the job, the liquidator conducts an inventory count of the company's assets and liabilities, and requires the company's auditor to report on this inventory.
If the company's assets do not cover its debts during liquidation, the liquidator must inform partners, shareholders, and creditors and apply to the Competent Judicial Body to initiate liquidation proceedings under the Bankruptcy Law.
The liquidator settles or sets aside funds for debt repayment, with debts arising from liquidation taking priority. The liquidator distributes the surplus according to the company's MOA or AOA, or pro rata capital contributions if no such provisions exist.
When a Nonprofit Company is liquidated, its property must be transferred to persons or non-profit entities named in its MOA or AOA, or designated by the donor, testator, or endowment creator. If no such entities exist, the property is transferred to non-profit entities or persons approved by the Ministry.
Upon completion of the liquidation work, the liquidator submits a detailed financial report, which, when approved, ends the liquidation process.
The liquidator is liable for damages caused by exceeding powers or committing errors. Liability is either personal or joint, depending on the number of liquidators and their agreement to operate independently.
Lawsuits against the liquidator, except for fraud and forgery cases, cannot be heard more than five years after the company's name is removed from the commercial register.
The Public Prosecution has jurisdiction to investigate and prosecute crimes related to the law and regulations, except for matters related to joint stock companies listed on the financial market.
The competent court considers and adjudicates all civil and criminal cases and disputes arising from the application of the law and regulations, imposing relevant penalties. For joint stock companies listed on the financial market, disputes are handled by the Securities Dispute Resolution Committee, which also imposes penalties as prescribed.
The manager or board of directors of a company must submit required books, records, documents, clarifications, and data to the liquidator.
The liquidator prepares annual financial statements and reports on liquidation activities, including observations and reservations.
Within 90 days of starting the job, the liquidator conducts an inventory count of the company's assets and liabilities, and requires the company's auditor to report on this inventory.
If the company's assets do not cover its debts during liquidation, the liquidator must inform partners, shareholders, and creditors and apply to the Competent Judicial Body to initiate liquidation proceedings under the Bankruptcy Law.
The liquidator settles or sets aside funds for debt repayment, with debts arising from liquidation taking priority. The liquidator distributes the surplus according to the company's MOA or AOA, or pro rata capital contributions if no such provisions exist.
When a Nonprofit Company is liquidated, its property must be transferred to persons or non-profit entities named in its MOA or AOA, or designated by the donor, testator, or endowment creator. If no such entities exist, the property is transferred to non-profit entities or persons approved by the Ministry.
Upon completion of the liquidation work, the liquidator submits a detailed financial report, which, when approved, ends the liquidation process.
The liquidator is liable for damages caused by exceeding powers or committing errors. Liability is either personal or joint, depending on the number of liquidators and their agreement to operate independently.
Lawsuits against the liquidator, except for fraud and forgery cases, cannot be heard more than five years after the company's name is removed from the commercial register.
The Public Prosecution has jurisdiction to investigate and prosecute crimes related to the law and regulations, except for matters related to joint stock companies listed on the financial market.
The competent court considers and adjudicates all civil and criminal cases and disputes arising from the application of the law and regulations, imposing relevant penalties. For joint stock companies listed on the financial market, disputes are handled by the Securities Dispute Resolution Committee, which also imposes penalties as prescribed.

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Test your knowledge about the powers and actions of liquidators in company liquidation processes. This quiz covers the unanimous consent requirement for multiple liquidators and the representation of the company by the liquidator before various entities.

Liquidator's Powers and Actions ch1--2

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Questions and Answers

Who is responsible for preparing annual financial statements and reports on liquidation activities?

When must the liquidator conduct an inventory count of the company's assets and liabilities?

What happens if the company's assets do not cover its debts during liquidation?

To whom must a Nonprofit Company's property be transferred during liquidation?

What happens upon completion of the liquidation work?

Who is liable for damages caused by exceeding powers or committing errors during liquidation?

How long after a company's name is removed from the commercial register can lawsuits against the liquidator be heard (except for fraud and forgery cases)?

Who has jurisdiction to investigate and prosecute crimes related to law and regulations?

Who handles disputes for joint stock companies listed on the financial market?

What happens if there are no provisions in a company's MOA or AOA regarding surplus distribution?

What does liability depend on with regards to multiple liquidators?

What is the requirement for the actions of several liquidators to be valid?

In what capacity can the liquidator represent the company?

When may the liquidator start new activities?

When do the liquidator's powers cease to exist?

What does Article 253 pertain to?

What is required for the sale of company's assets by the liquidator?

Under what circumstances can a liquidator sell company's assets as an equity stake in another company?

What is required for a new activity to be started by a liquidator?

What is necessary for a company to be bound by the liquidator's activities?

Under what circumstances can a liquidator start new activities during the liquidation process?

What is the scope of the liquidator's powers in representing the company?

When do the liquidator's powers cease to exist?

What actions are required for the liquidation process, as per Article 252?

Under what conditions is the company bound by the liquidator’s activities?

What is the requirement for the actions of several liquidators to be valid?

Explain the responsibilities of the manager or board of directors of a company during liquidation proceedings.

What is the purpose of Article 253 in the liquidation process?

What actions are required of the liquidator within 90 days of starting the job?

What are the powers of the liquidator in relation to the sale of company's assets?

Under what circumstances must the liquidator inform partners, shareholders, and creditors and apply to the Competent Judicial Body to initiate liquidation proceedings?

Can the liquidator sell the company's assets as an equity stake in another company?

What is the process for surplus distribution by the liquidator if there are no provisions in the company's MOA or AOA?

What is the condition for the liquidator to represent the company before third parties?

What happens if there are no provisions in the liquidator's appointment decision regarding the liquidation period?

What is the requirement for transfer of a Nonprofit Company's property during liquidation?

When may the liquidator sell the company's assets on a wholesale basis?

When does the liquidator submit a detailed financial report to end the liquidation process?

Explain the liability of the liquidator for damages caused by exceeding powers or committing errors during liquidation.

What is the time limit for lawsuits against the liquidator to be heard (except for fraud and forgery cases)?

Who has jurisdiction to investigate and prosecute crimes related to the law and regulations, except for matters related to joint stock companies listed on the financial market?

Which entity handles disputes for joint stock companies listed on the financial market?

What happens with regards to crimes related to law and regulations for joint stock companies listed on the financial market?

What happens if the company's assets do not cover its debts during liquidation?

Article 251 If there are several liquidators, they shall work together, and their actions shall be valid only by their ______ consent, unless otherwise indicated in their appointment decision or authorized by the party that appoints them

The liquidator may either sell the company’s assets on a wholesale basis, or provide the same as an equity stake in any other company, if so authorized by the entity that ______ it

The liquidator may start new activities only if they are necessary to complete previous ______

The company shall be bound by the liquidator’s activities that fall within the scope of its ______

The liquidator’s powers shall cease to exist upon the completion of the liquidation activities or upon the expiry of liquidation period, whichever is earlier, unless extended according to the provisions of the ______

Inventory count of assets and ______: ARTICLE 253

The liquidator may either sell the company’s assets on a wholesale basis, or provide the same as an equity stake in any other company, if so authorized by the entity that ______ it

The liquidator may start new activities only if they are necessary to complete previous ______

The company shall be bound by the liquidator’s activities that fall within the scope of its ______

The liquidator’s powers shall cease to exist upon the completion of the liquidation activities or upon the expiry of liquidation period, whichever is earlier, unless extended according to the provisions of the ______

Within 90 days of starting the job, the liquidator conducts an ______ count of the company's assets and liabilities, and requires the company's auditor to report on this ______.

If the company's assets do not cover its ______ during liquidation, the liquidator must inform partners, shareholders, and creditors and apply to the Competent Judicial Body to initiate liquidation proceedings under the Bankruptcy Law.

The liquidator settles or sets aside funds for debt repayment, with debts arising from liquidation taking priority. The liquidator distributes the ______ according to the company's MOA or AOA, or pro rata capital contributions if no such provisions exist.

Upon completion of the liquidation work, the ______ submits a detailed financial report, which, when approved, ends the liquidation process.

The ______ is liable for damages caused by exceeding powers or committing errors. Liability is either personal or joint, depending on the number of ______s and their agreement to operate independently.

The Public ______ has jurisdiction to investigate and prosecute crimes related to the law and regulations, except for matters related to joint stock companies listed on the financial market.

The ______ prepares annual financial statements and reports on liquidation activities, including observations and reservations.

Lawsuits against the ______, except for fraud and forgery cases, cannot be heard more than five years after the company's name is removed from the commercial register.

The ______ or board of directors of a company must submit required books, records, documents, clarifications, and data to the liquidator.

The liquidator conducts an inventory count of the company's ______ and liabilities, and requires the company's auditor to report on this inventory.

The ______ must inform partners, shareholders, and creditors and apply to the Competent Judicial Body to initiate liquidation proceedings under the Bankruptcy Law.

Study Notes

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