The liquidation shall be carried out in accordance with the provisions of the resolution or the judgement issued to carry it out, and if neither of them includes provisions to that effect, the following steps shall be followed: 1. The liquidators shall notify all the creditors by prepaid registered letters on their addresses registered with the company, of the commencement of the liquidation and invite them to submit their claims against the company. If the addresses of the creditors are unknown, they shall be notified and invited to submit their claims by means of publication pursuant to the provisions of this Law. In all circumstances, the notice shall specify a time limit of one hundred and eighty (180) days from the date of publication for the creditors to submit their claims. The liquidator shall effect the notice within seven (7) days from the date of filing the resolution or judgement issued for the liquidation, with the Registrar. 2. Settlement of all valid claims submitted against the company provided that the ranks of the debts shall be observed at the time of repayment thereof, after the expenses of the liquidation and the liquidators’ fees are paid. 3. The remaining assets shall be distributed among the partners or shareholders in accordance with the Constitutive Documents. If such Documents do not contain a provision to that effect, such assets shall be distributed in proportion to the shareholding of each of them in the share capital of the company. If the net assets of the company are insufficient to cover the full value of the contributions or shares as stated in the Constitutive Documents, the deficit shall be apportioned among the partners or shareholders in the same proportion for sharing the losses.
This site currently publishes a verified part of the instrument; the remaining provisions continue to exist and apply independently of their absence from this corpus. Interpretation and application must be checked against the official Arabic text and the current version.