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Law No. 5 of 2002, promulgating the Law of Commercial Companies

Section: Liquidation of Company (295-312)

Article 295 

 Once a company is dissolved, it shall enter the process of liquidation.

Throughout the liquidation period, it shall maintain its corporate body to the
extent required for the completion of the liquidation formalities. The term "in
liquidation" shall be clearly appended to the name of the company.

Article 296 

 Upon the dissolution of the company, the authorities of either the managers or
the Board of Directors shall cease. They shall, however, continue to assume the
company management, and with regard to others, they shall be deemed
liquidators until a liquidator is appointed.

Throughout the period of liquidation, the company structures shall remain valid
and their functions shall be restricted to liquidation affairs that do not fall within
the liquidator's powers.

Article 297 

 Liquidation of the company shall be carried out according to the company

Memorandum or Articles of Association, or what is agreed upon among the
partners upon dissolution. Should there be no provision or agreement in this
respect, the provisions of the Articles in this Part shall be complied with.

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