In the event of liquidation of any company after its dissolution, expiration or expiration for any reason other than merger or division, the liquidation shall be carried out in accordance with the provisions of the law and the company's bylaws or contract, and the company shall retain during the liquidation period the legal personality to the extent necessary for the liquidation works, and the company's name shall be added to the name of the company during the liquidation, and the company's bodies shall remain in existence during the liquidation period, and their powers shall be limited to the works that do not fall within the jurisdiction of the liquidators, and the General Assembly shall appoint one or more liquidators and determine their fees. The appointment of liquidators shall be from among the shareholders, partners or others.
The liquidator's work shall not end upon the death of the partners, the month of their bankruptcy or insolvency, or the seizure of them, even if it is appointed by them, and the name of the liquidator and the agreement of the partners regarding the method of liquidation shall be published in the Commercial Register and in the Companies Gazette, and the liquidator shall follow up the procedures of the month.
The appointment of the liquidator or the method of liquidation shall not be invoked before any third party except from the date of the month in the Commercial Register, and the dismissal of the liquidator shall be in the manner in which he was appointed, and the court may, at the request of one of the shareholders or partners and for acceptable reasons, order the dismissal of the liquidator.
Any decision or judgment to dismiss the liquidator shall include the appointment of a person to replace him, and the liquidator's dismissal shall be published in the Commercial Register and in the Companies Gazette, and shall not be invoked by third parties except from the date of the month in the Commercial Register.
The liquidator shall immediately take inventory of the company's funds and liabilities, and a detailed list shall be drawn up and a budget signed by the liquidator, the directors or members of the board of directors, and the board of directors or directors shall submit their accounts to the liquidator and hand over the company's funds, books and documents to him, and the liquidator shall keep a book to record the works related to the liquidation, and the liquidator shall follow the provisions of the Commercial Books Law in keeping this book. The company has rights with third parties, however, it is not permissible for the partners to claim the remainder of their shares, unless liquidation works require it, provided that equality is taken into account between them.
The liquidator deposits the amounts he receives in a bank to the company's account under liquidation.
Within twenty-four hours from the time of arrest.
The liquidator may not start new works unless they are necessary to complete previous works, and if the liquidator performs new works that are not required by liquidation, he shall be responsible for all his funds for these works, and if there are several liquidators, they shall be jointly liable.
The liquidator may not sell the company's assets in bulk except with the permission of the general assembly or the group of partners, as the case may be, and the liquidator shall perform all the actions required by liquidation, in particular:
1. Paying off the debts of the company.
2. Selling the company's property by public auction or in any other way, unless it is stipulated in the liquidator's appointment document that the sale shall be made in a specific manner.
3 - Representing the company before the judiciary and accepting conciliation and arbitration.
If there are multiple liquidators, their actions shall not be valid, unless they are done with their unanimous consent, unless otherwise stipulated in their appointment document, and this condition shall not be invoked before third parties except from the date of its month in the Commercial Register.
The Company shall be obliged to take any action taken by the Liquidator in its name if it is required by the liquidation work, even if it exceeds the restrictions on the Liquidator's authority, or the Liquidator uses the Company's signature for his own account, unless the person who contracted with the Liquidator is in bad faith.
Any debt arising from liquidation works shall be paid from the company's funds with priority over other debts, the liquidator's fees shall be specified in his appointment document, and the liquidator shall terminate the liquidation within the period specified for that in his appointment document, and if this period is not specified, each partner or shareholder may submit the matter to the court to determine the period in which the liquidation must end.
The period specified for liquidation may be extended by a decision of the General Assembly or the group of partners after reviewing a report from the liquidator, stating the reasons that prevented the completion of the liquidation within the period specified for it, and if the liquidation period is specified by the court, it may not be extended except with its permission.
Every six months, the liquidator shall submit to the General Assembly or the group of partners a provisional account of the liquidation works, and shall provide the information or data requested by the shareholders or partners to the extent that it does not harm the interest of the company and does not result in delay of the liquidation work.
The liquidator shall submit to the General Assembly or the group of partners a final account of the liquidation works, and the liquidation works shall be terminated by the ratification of the final account, and the liquidator shall make the month of the liquidation expiry in the Commercial Register and in the Companies Gazette, and no third party shall be invoked for the expiration of the liquidation except from the date of its registration in the Commercial Register.
The company's books and documents shall be kept for a period of ten years from the date of the company's deletion from the commercial register in the registry office in which the company's head office is located, unless the general assembly or the group of partners designates another place for the keeping of books and documents.
The liquidator shall be held accountable before the company if he mismanaged its affairs during the liquidation period, and the liquidator shall also be asked to compensate the damages caused to the shareholders, partners or third parties due to his mistakes.
Claims filed by shareholders or partners against each other after the lapse of five years from the date of completion of liquidation works shall not be accepted, nor are claims filed by third parties against shareholders or partners after the expiry of the same period from the date of the end of the liquidation month in the Commercial Register.