Reasons of Liquidation of a PT
Based on article 142(1) of the Company Law, a PT shall be liquidated based on the following reasons:
1. resolution of the General Meeting of Shareholders (GMS) in which it resolves to liquidate the PT;
2. expiry of the establishment period as mentioned in the Articles of Association (in case such period is not set as indefinite);
3. court decision to liquidate the PT;
4. a court decision to liquidate the PT, in case the PT’s bankruptcy assets being insufficient to settle the bankruptcy costs;
5. the bankruptcy assets of a PT declared bankrupt, are in a state of insolvency as provided; or
6. revocation of the business license of the PT.
We will focus in this column on the liquidation of a PT based on r…
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