Page 199 - Albanian law on entrepreuners and companies - text with with commentary

Article 200
Liquidator’s Report, Discharge and Remuneration
(1) Reimbursement and remuneration shall be paid to the liquidator once
commitments to the creditors have been met, and before the distribution of assets among
partners, members or shareholders.
(2) Once commitments to the creditors have been met, the liquidator shall present
to the (other) partners or the General Meeting a report on the conduct of the
liquidation, the distribution of the assets and the remuneration due to him.
(3) If the other partners or the General Meeting approve the report, the liquidator
is discharged and is entitled to the remuneration set out in the report.
(4) If the report is not approved, the liquidator may apply to the court to discharge
him on the determination that the liquidation has been properly conducted.
(5) After the liquidator has been discharged he shall be entitled to reimbursement
of expenses and remuneration for his work as established by the report.

Article 201
Distribution of Assets
(1) Once the company’s obligations have been settled, remaining assets shall be
distributed equally among partners, members or shareholders unless preferences are
granted by the Statute.
(2) Property lent to the company shall be returned to the partners, members or
shareholders concerned. They shall not be entitled to indemnification for unintentional
destruction, damage or reduction of value of the objects, where it cannot be attributed to
an action or omission of the company or persons acting on its behalf.

Article 202
End of Liquidation
Once the assets have been distributed, the liquidator shall report the end of
liquidation to the National Registration Centre and request the cancellation of the
company in accordance with Section V of Law No. 9723 on the National Registration
Centre.

Comments:

When the company is removed from the register it will lose its legal personality.

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