First, the liquidation commission publishes information on the company liquidation and the conditions and deadline for submission of creditor claim on the official website of the RA public announcements https://www.azdarar.am. The deadline cannot be shorter than two weeks after announcement of liquidation, which shall be deemed the beginning of the Company liquidation process.
The liquidation commission shall re-valuate the Company property, take measures to discover creditors and collect receivables, and inform the creditors on Company liquidation.
When the deadline for submission of creditor claims expires, the liquidation commission shall prepare an interim liquidation balance sheet, which will contain information on the composition of property of the Company, the list of Creditor claims received, as well as the results of claim review.
The interim liquidation balance sheet shall be approved by the founders of the legal entity who take the decision on liquidation or by the juridical body who is authorized by the statute.
If the legal entity under liquidation does not have sufficient cash to satisfy Creditor claims, then the liquidation commission shall, in the manner stipulated by this Law, sell the property f the legal entity in a public auction.
The liquidation commission shall make payment to the Company creditors in the sequence stipulated by law, and in line with the interim liquidation balance sheet, once the latter has been approved.
Having satisfied creditor claims, as well as when the Company does not have outstanding liabilities towards its creditors at the time the interim liquidation balance sheet is approved, the property of the Company shall be divided amongst its shareholders in the manner stipulated by the statute.
The liquidation commission shall submit the approved liquidation balance sheet to the body carrying out state registration of legal entities.
Company liquidation shall be deemed completed and its existence shall be deemed terminated once state registration is performed.
Source: Iravaban.net
