Page 197 - Albanian law on entrepreuners and companies - text with with commentary

liquidator by the court shall be registered ex officio according to Article 45 of Law No.
9723 on the National Registration Centre.
(2) The words "in liquidation" shall be added to the company’s registered name.

Article 195
Invitation to Creditors
The liquidator must invite the company’s creditors to file their claims with respect
to the dissolution of the company. The company shall publish the announcement twice,
with a 30-day interval, on the website of the National Registration Centre and, if
applicable, on the company’s website. The announcement must declare that claims must
be filed within 30 days from the last announcement.

Article 196
Company Management by the Liquidator
(1) The powers and duties of the Managing Director are transferred to the
liquidator on his appointment.
(2) If there are several liquidators, they shall exercise their rights and duties
jointly, unless their appointment envisages them to act also independently. Several
liquidators may always authorize one of them to perform specified kinds of transactions.
(3) Restrictions of the power of the liquidator shall have no effect as against third
parties in accordance with paragraph 2 of Article 12.
(4) The Liquidator is subjected to the supervision of the (other) partners, the
General Meeting, the Board of Directors or the Supervisory Board.
(5) Article 17 does not apply to the liquidator.

Article 197
Rights and Duties of the Liquidator
(1) The liquidator shall bring the current business transactions to a close, collect
claims including outstanding contributions, sell remaining assets and pay creditors in
accordance with the priorities set out in Article 605 of the Civil Code.
(2) The liquidator may conclude new business transactions for the purpose of
bringing current transactions to a close.
(3) If, based on claims filed by creditors as referred to in Article 195, 165 the
liquidator finds that company assets are not sufficient to settle these claims including
outstanding contributions, he shall suspend the liquidation proceedings and file a
request to the competent court to open insolvency proceedings.

165 Amended by Law No. 129/2014, Article 31.
196