Companies Law

1. The liquidator shall pay the company’s due debts based on priority, and shall set aside the funds necessary for the payment of deferred or disputed debts. 2. Debts arising from liquidation shall have priority over other debts. 3. After the payment of debts, the liquidator shall return to the partners or shareholders the value of their interests or shares in the capital, and shall distribute any surplus among them in accordance with the provisions of the company’s articles of incorporation or articles of association. Absent a specific provision in the articles of incorporation or articles of association on such matter, the surplus shall be distributed among the partners or shareholders in proportion to their interests or shares in the capital. 4. If the company’s net assets are not sufficient to pay the value of interests of partners or shares of shareholders, the loss shall be distributed among them as per the percentage prescribed for the distribution of losses.