Page 200 - Albanian law on entrepreuners and companies - text with with commentary

Article 203
Liquidator’s Liability
(1) Once the company has been cancelled from the National Registration Centre,
liquidators’ actions shall not be the subject of an appeal.
(2) Rules on Managing Directors’ liability shall apply accordingly to liquidator’s
liability for any damage caused during the liquidation proceedings. If there are several
liquidators, they shall be jointly and severally liable. Besides the liquidators, members
and shareholders shall be jointly and severally liable up to the amounts of the
compensation recovered. Creditors who did not file their claims in time as referred to in
Article 195 167 or who were not and could not have been known to the liquidator, shall
not be entitled to claim damages as referred to in the first and second sentence.
(3) Claims referred to in paragraph 2 must be brought within three years after the
company’s cancellation from the National Registration Centre.

Comments:

Article 33 of the Law No. 129/2014 amended paragraph 2 of Article 203 to correct a
material error of referencing in the text.

TITLE II
SUMMARY LIQUIDATION

Article 204
Conditions and Procedure
(1) The company may be liquidated by summary procedure, if all partners,
members or shareholders decide to apply this procedure and make statements that all
commitments of the company concerning its creditors and employees have been settled.
(2) The Managing Director shall report the decision on liquidating the company by
summary procedure to the National Registration Centre in accordance with Article 43
of Law No. 9723 on the National Registration Centre.
(3) The Managing Director shall be liable for any damage caused by the breach of
his duties during the summary liquidation proceedings. Besides the Managing Director,
partners, members or shareholders shall be jointly and severally liable up to the
amounts of the compensation recovered.
(4) Claims referred to in paragraph 3 must be brought within three years after the
company’s cancellation from the National Registration Centre.

167 Amended by Law No. 129/2014, Article 33.
199