Liquidator's Powers and Actions ch1--2

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By RealisticElbaite

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69 Questions

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?

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

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

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

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

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

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

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 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

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

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 ______

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 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.

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.

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.

Summary

  • 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.

Description

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.

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