Резюме

The article gives a thorough description of the institution, the definition and the procedure of Liquidation of Companies as regulated under the Commercial act and some other special legislation. The regime sets the compulsory and the voluntary kind of liquidation. Starting from the nature of the liquidation the analysis comes to the conclusion for its sharp distinction from the insolvency and bankruptcy procedure, while presumes liquidity and capacity to act of the company unlike the second. The survey pays attention to its beginning and consequences, the liquidator (nomination, dismissal, and legal status). Then it follows the details of the Liquidation procedure and the respective normative requirement for accounting. balance and the rights of the creditors and the shareholders about the liquidation share. Finally, the analysis tackles some special issues like companies' transformation and insolvency in their relation to the liquidation.