Companies Law

1. A liquidator shall be appointed pursuant to a decision by the partners, general assembly, or shareholders subject to the conditions prescribed for amending the company’s articles of incorporation or articles of association as per the company form, within a period not exceeding 60 days from the termination date of the company. If a liquidator is not appointed during said period, the competent judicial authority shall, upon a petition filed by any of the partners, shareholders, or persons with interest, appoint a liquidator. 2. Notwithstanding paragraph (1) of this Article, if the termination of the company is due to its dissolution or annulment pursuant to a final judgment, the liquidator shall be appointed by the judicial authority which rendered said judgment. 3. The competent judicial authority shall, prior to issuing the decision to appoint a liquidator in accordance with the provisions of paragraphs (1) and (2) of this Article, request the company’s partners, shareholders, managers, or board of directors, as the case may be, to submit, within a period not exceeding 30 days from the date of such request, the statement referred to in Article 242(1) of this Law or the necessary accounting data and records, or financial statements, if any, which establish that the company’s assets are sufficient to pay its debts by the end of the liquidation period as stipulated in Companies Law this Part, and that the company is not distressed under the Bankruptcy Law. If the competent judicial authority finds that the company’s assets are not sufficient to pay its debts, it shall take the measures necessary to initiate any liquidation proceedings under the Bankruptcy Law. 4. In all cases, the decision to appoint a liquidator shall determine the liquidator’s powers, remuneration, and any imposed restrictions, as well as the period of liquidation.