Liquidation proceedings are aimed at disposing of the assets of the debtor company in order to clear its debts.
As soon as liquidation is ordered, the creditors shall be constituted into a union.
The Bankruptcy Trustee shall within a period of one month of assumption of duty submit to the Judge administrator a statement drawn up based on information in his possession stating an estimate of the available or realizable assets and the unsecured debts and debts guaranteed by special real security or a lien with, where it concerns a company, all information on the possible pecuniary liability of the manager(s) of the company.
The Bankruptcy Trustee shall draw up the list of claims even where it appears to him that the proceeds of the sale of assets will be absorbed completely by court charges and preferential claims.
As regards the sale of assets, the bankruptcy trustee alone shall sell the debtor’s goods and personal property, collect debts and pay debts. The sale of assets will include the following;
- Sale of immovable property
- Sale upon attachment of real property
- Amicable auction sale of immovable property
- Sale of immovable property by private contract
- Bulk sale of assets.