What shall a liquidator do when the company is in liquidation? What is the company liquidation about?

Liquidation is carried out by the statutory body as the liquidator, unless the law stipulates otherwise. If the statutory body is not appointed or has no appointed member or if a liquidator is not appointed, the liquidator shall be appointed by the court.

The Court shall not appoint as liquidator any person that may not perform such office under a special regulation. The shareholder/member, the statutory body or the member of a statutory body appointed as liquidator may not resign from such office. However the liquidator may petition the court which appointed them to be removed from office of liquidator if it may not be justly demanded of them that they perform such office.

If a company is wound up by a court, the court shall also appoint the liquidator. Liquidators shall be liable for the execution of their powers in the same manner as members of statutory bodies.

The liquidator shall execute in the name of the company only legal acts which relate to the company´ liquidation.  In executing their powers, the liquidator shall settle the company´s obligations, claim receivables and receive their payment, represent the company before the courts and other authorities and enter into conciliatory agreements.  The liquidator may only conclude new contracts if they relate to the termination of pending transaction.

The liquidator shall notify all know creditors of the fact that the company is entering into liquidation.  They shall also publish the fact that the company has entered into liquidation, by inviting the company´s creditors and the other persons and authorities affected to submit their claims for receivables.

The liquidator shall produce  a liquidation balance sheet as of the day the company enters into liquidation and is obliged to send  a list of company´s assets to each shareholder who so requests.

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