The liquidation of a limited liability company (LLC) is undoubtedly a complicated and lengthy process, but nonetheless includes many safeguards to guarantee the rights and obligations of the company with regard to third-party debtors and creditors. Below are the main steps required in the liquidation process for LLCs registered in Baghdad or the Kurdistan region.
If the general assembly of the LLC (or the parent company, in the case of a branch or a subsidiary) decides to liquidate the company, the latter must:
- appoint at least one liquidator;
- specify the authorities and remuneration; and
- send the decision or recommendation to the registrar.
The liquidator will be consider…
Read the full article at: http://www.internationallawoffice.com/Newsletters/Insolvency-Restructuring/Iraq/Newton-Law-Group/Liquidating-a-limited-liability-company