Liquidation

The provisions of the Company Law concerning liquidation are to be applied unless the company's Memorandum or Articles of Association provide a specific procedure for its liquidation, upon resolving the company's dissolution an agreement is reached between the partners as to its liquidation-n procedure.

Upon the dissolution of a company, it is considered to be in the liquidation stage. While the liquidation procedures are being implemented the company will retain its legal capacity for the implementation of its liquidation. It is imperative to affix the term 'In Liquidation' to the company name. As a consequence of the dissolution of the company the authority of its managers or board of directors will also come to an end, they should continue to manage the company but as far as third parties are concerned, they will be considered as liquidators until a liquidator is appointed. During the liquidation, the company's administrative structure will continue to exist, but