Page 198 - Albanian law on entrepreuners and companies - text with with commentary

(4) In partnerships, the partners shall cover the company’s commitments in
proportion to their duty to bear losses. If a partner fails to pay his share, the other
partners shall pay on his behalf in the mentioned proportions.

Comments:

Article 31 of the Law No. 129/2014 amended paragraph 3 of Article 197 to correct a
material error of referencing in the text.

Article 198
Balance Sheets
The liquidator shall prepare a balance sheet at the beginning and at the end of the
liquidation. If the liquidation procedure is conducted for longer than a year, the
liquidator shall also prepare the company’s statements of account at the end of the
business year after the commencement of the liquidation. The balance sheets are
approved by the (other) partners or the General Meeting.

Article 199
Protection of Creditors
(1) The liquidator may not distribute remaining assets of the company before the
166
expiry of the term for filing of creditor claims mentioned in Article 195”.
(2) In case a creditor known to the liquidator does not claim his rights, the amount
due shall be deposited in a designated bank account and goods shall be deposited in a
specified public warehouse. The general rules on deposit apply. The creditor shall bear
the costs of deposit.
(3) If, for the time being, an obligation cannot be settled or if it is controversial, the
assets may only be distributed if the creditor has been granted adequate security.

Comments:

Article 199 has been amended by Article 32 of the Law No. 129/2014 to shorten the
period of liquidation proceedings. This amendment was addressed by NBC based on request
of the business community, which considered the liquidator proceedings to long for cases of
liquidation of small enterprises.

166 Amended by Law No. 129/2014, Article 32
197