How to Initiate the Process of Liquidation
The creditors, associates and members of a company may apply to the Court separately or jointly for the liquidation of the company. However, the lawmaker has imposed restrictions on the applicants to do so. As a result, the associates may only present the number of members of the private company below 2 and the other companies below 7, subject to certain conditions of the company. In addition, if the liquidation application meeting is not held or the general assembly report is not submitted in the meeting, it can only be submitted by the shareholders 14 days after the last day of the meeting.