Judicial Liquidator
In Light of Law No. 11 of 2015

Upon its dissolution, a company enters into liquidation and retains its legal personality to the extent necessary for the liquidation process. The authority of the managers or the board of directors ceases upon the company’s dissolution, yet they remain responsible for the company’s management and are considered liquidators in relation to third parties until a liquidator is appointed.

The liquidation is conducted by one or more liquidators appointed by the partners or the general assembly, following the ordinary majority required for company resolutions. If the liquidation is based on a court order, the competent court specifies the method of liquidation and appoints the liquidator.

The legislator has outlined all activities necessary for the liquidator, particularly:

1. Collection of the company’s receivables from others.
2. Settlement of the company’s debts.
3. Sale of the company’s assets, whether movable or immovable, by public auction or any other method that ensures the highest price.
4. Taking all necessary measures to preserve the company’s assets and rights.
5. Representing the company before the judiciary and accepting conciliation and arbitration.

Finally, the liquidator’s role ends upon submitting a final account at the conclusion of the liquidation to the partners, the general assembly, or the competent court. The liquidator must announce the completion of the liquidation and request the removal of the company’s registration from the commercial register.