CHAPTER V

LIQUIDATION OF REGISTERED PARTNERSHIPS,

LIMITED PARTNERSHIPS AND LIMITED COMPANIES

 

Section 1247.- The liquidation of a registered partnership, limited partnership or limited company shall be made, as far as practicable, in accordance with the provisions of the Law of Bankruptcy for the time being in force.

The competent Minister may issue Ministerial Regulations governing the liquidation of partnerships and companies and determining the rate of fees for this purpose.

 

Section 1248.- When a general meeting is prescribed in this Chapter, it means :

                  (1) As to registered partnerships and limited partnerships, a meeting of all the partners, in which a majority of votes decides ;

                  (2) As to limited companies, the general meeting provided in Section 1171.

 

Section 1249.- A partnership or company is deemed to continue after its dissolution as far as it is necessary for the purpose of liquidation.

 

Section 1250.- The duties pf the liquidators are to settle the affairs of the partnership or company, to pay its debts and to distribute its assets.

 

Section 1251.- Upon dissolution of a partnership or company for any other cause than bankruptcy, the managing partners or directors become liquidators unless otherwise provided by the contract of partnership or by the regulations of the company.

If there are no persons to be liquidators under the foregoing provision, a liquidator or liquidators shall be appointed by the Court upon the application of the Public Prosecutor or any other interested person.

 

Section 1252.- The managing partners or directors retain as liquidators the same respective powers which they had as managing partners or directors.

 

Section 1253.- Within fourteen days after the date of dissolution or in case of liquidators appointed by the Court, after the date of appointment, the liquidators must :

                  (1) Notify the public by two successive advertisements at least in a local paper that the partnership or company is dissolved and that its creditors must apply for payment to the liquidators, and

                  (2) Send a similar notice by registered letter to each creditor whose name appears in the books or documents of the partnership or company.

 

 Section 1254.- The dissolution of the partnership or company and the names of the liquidators must be registered within fourteen days after the date of dissolution by the liquidators.