69 Questions
Who is responsible for preparing annual financial statements and reports on liquidation activities?
The liquidator
When must the liquidator conduct an inventory count of the company's assets and liabilities?
Within 90 days of starting the job
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
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
What happens upon completion of the liquidation work?
The liquidator submits a detailed financial report, which ends the liquidation process when approved
Who is liable for damages caused by exceeding powers or committing errors during liquidation?
The liquidator
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
Who has jurisdiction to investigate and prosecute crimes related to law and regulations?
The Public Prosecution
Who handles disputes for joint stock companies listed on the financial market?
Securities Dispute Resolution Committee
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.
What does liability depend on with regards to multiple liquidators?
The liquidator
What is the requirement for the actions of several liquidators to be valid?
Unanimous consent
In what capacity can the liquidator represent the company?
Before the judiciary, arbitral tribunals, and third parties
When may the liquidator start new activities?
Only if necessary to complete previous ones
When do the liquidator's powers cease to exist?
Upon completion of the liquidation activities or upon the expiry of liquidation period
What does Article 253 pertain to?
Inventory count of assets and liabilities
What is required for the sale of company's assets by the liquidator?
Conversion into cash money ensuring highest possible price
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
What is required for a new activity to be started by a liquidator?
Necessity to complete previous ones
What is necessary for a company to be bound by the liquidator's activities?
Activities falling within scope of its power
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
What happens if there are no provisions in the liquidator's appointment decision regarding the liquidation period?
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.
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.
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.
When does the liquidator submit a detailed financial report to end the liquidation process?
Upon completion of the liquidation work.
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.
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.
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.
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.
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.
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.
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
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
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
The liquidator may start new activities only if they are necessary to complete previous ______
ones
The company shall be bound by the liquidator’s activities that fall within the scope of its ______
power
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
Inventory count of assets and ______: ARTICLE 253
liabilities
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
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
The liquidator may start new activities only if they are necessary to complete previous ______
ones
The company shall be bound by the liquidator’s activities that fall within the scope of its ______
power
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
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
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
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
Upon completion of the liquidation work, the ______ submits a detailed financial report, which, when approved, ends the liquidation process.
liquidator
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
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
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
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
The ______ prepares annual financial statements and reports on liquidation activities, including observations and reservations.
liquidator
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
The ______ or board of directors of a company must submit required books, records, documents, clarifications, and data to the liquidator.
manager
The liquidator conducts an inventory count of the company's ______ and liabilities, and requires the company's auditor to report on this inventory.
assets
The ______ must inform partners, shareholders, and creditors and apply to the Competent Judicial Body to initiate liquidation proceedings under the Bankruptcy Law.
liquidator
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.
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.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
