Company Act Article 346Aug. 1, 2018

In doing any of the following acts, the liquidators shall obtain the consent of the liquidation inspector and, if the liquidation inspector does not give consent, they shall convene a meeting of creditors to resolve on the matters; however, this shall not apply if the value involved is not more than one-tenth of one per cent of the total value of assets:

1.Disposal of any property of the company;
2.Borrowing of money;
3.Bringing of an action;
4.Agreement to compromise or seek arbitration; or
5.Relinquishment of any right.

If, in a case where a resolution of a meeting of creditors is required, there exist urgent circumstances, the liquidators may, with the permission of the court, do any of the acts mentioned in the preceding paragraph.

A liquidator who acts in contravention of the provisions of the preceding two paragraphs shall be jointly liable with the company to a bona fide third party.

The provisions of the proviso to Article 84 paragraph 2 shall not apply to special liquidation.

Same Article Laws

Other Related Laws

Company Act Article 84Aug. 1, 2018

The duties of a liquidator are as follows:

1.To wind up all pending business;
2.To collect all outstanding debts and to pay off all claims;
3.To allocate surplus or loss; and "4.To allocate the residual assets.

The liquidator in performing the aforesaid duties shall have the power to act on behalf of the company in all litigation matters; however, the transfer of the business including assets and liabilities to others shall be effected only if all shareholders so concur.

Details >

Corporate Consulting