Decree No. 167 / 1980 Coll.
Decree of the Federal Ministry of Foreign Trade on the procedure for the liquidation of foreign trade undertakings
Valid
Effective from 01.01.1981
167
DECLARATION
Federal Ministry of Foreign Trade
of 27 November 1980
on the procedure for the disposal of foreign trade undertakings
The Federal Ministry of Foreign Trade provides, in agreement with the Federal Ministry of Finance and the State Bank of Czechoslovakia pursuant to Sections 14 (5) and 15 (2) of Act No. 42 / 1980 Coll., on Economic Relations with Foreign Affairs:
Initiation of liquidation
(1) A foreign trade undertaking which has been abolished by liquidation (hereinafter referred to as "the undertaking") will report its liquidation and liquidator appointed by the Federal Ministry of Foreign Trade (hereinafter referred to as "the Ministry") to be registered in the company register. During the period of liquidation, the undertaking uses its name with the addition "in liquidation '.
(2) At the date of the start of the liquidation, the firm shall carry out the accounts, draw up the accounts and the accounts and transmit them to the liquidator and the competent authority.1).
(3) The date on which the liquidator was registered shall be the date on which the company's authorities cease to exist. The liquidator shall be entitled to act on behalf of the undertaking in matters relating to liquidation, litigation and reconciliation. Where the liquidator is a legal person, the legal acts of the liquidator shall be carried out by its statutory authority.
Duties of the liquidator
(1) The liquidator shall draw up, within 30 days of its registration, the opening balance sheet (1) and forward it to the Ministry, together with the liquidation plan, the winding-up budget and the inventory of the extraordinary inventory of economic resources carried out at the time of the start of the liquidation.2).
(2) The liquidator shall in particular:
(a) to concentrate the funds of an undertaking in a single current account for a single money institution;
(b) to complete normal negotiations and, according to the liquidation plan, to liquidate claims, to monetize the company's assets in the most economical and fastest manner, or otherwise to dispose of and settle the undertaking's liabilities in taxes, levies, fees and other liabilities;
(c) keep the accounts of the undertaking; 1)
(d) provide the Ministry with quarterly and annual reports on the course of the liquidation, supported by quarterly and annual accounts;
(e) to effectively assist the company's workers in obtaining a new suitable employment.3)
(3) The claims and liabilities of the undertaking in respect of foreign natural or legal persons are recorded separately by the liquidator and detailed in the liquidation plan. The liquidator ensures that the foreign exchange interests of the Czechoslovak Socialist Republic are not compromised and other foreign exchange funds are used. Where appropriate, the liquidator shall propose to the other Contracting Party the termination of those contracts which cannot be completed in the course of the liquidation or, if the legal person so agrees, the entry into the contract of another legal person.
Liquidation plan and winding-up budget
(1) In the liquidation plan, the liquidator shall indicate the time and method of monetizing or otherwise dealing with the different types of property, the gradual reduction of the number of workers and the period by which the liquidation is to be completed.
(2) The winding-up budget shall include the forecast revenue from the claims and the monies of other assets, the projected expenses for settling liabilities and the other forecast revenue and expenditure for the entire period of liquidation, as well as the planned final balance of the liquidation.
Extension of the liquidation period
If the winding-up is hindered by a circumstance for which the firm's claims or the settlement of its liabilities cannot be expected to be met in the foreseeable future, the liquidator shall notify the Ministry, which may decide to extend the winding-up period set out in the liquidation plan and, where appropriate, to amend the liquidation budget.
End of liquidation
The liquidator after fulfilling the obligations set out in § 2:
(a) carry out the accounts and draw up the accounts at the end of the liquidation1) and submit them to the Ministry for approval, together with a final report on the entire course of the liquidation, indicating how it was handled with each type of property, the result obtained for the assets sold, the remuneration received, the value of debts written down and transferred, the costs of settling liabilities and other costs of liquidation, the final balance of the liquidation and the location of the employees of the undertaking;
(b) after examination and clearance of the Ministry's accounts (5)
1. carry out the final balance of the liquidation in accordance with the Ministry's instructions;
2. ensure secure storage of file material and accounting documents;
3. notify the Court of First Instance of the termination of the liquidation of the application for the removal of the company from the company register.
This Decree shall take effect on 1 January 1981.
Deputy Minister:
Bursa v. r.
1) Decree of the Federal Ministry of Finance No. 154 / 1971 Coll., on Accounting.
2) Article 9 (1) (a) of Decree No. 155 / 1971 Coll., on the inventory of economic resources.
3) § 47 of Labour Code No. 55 / 1975 Coll.
5) Article 17 of Decree No. 88 / 1972 of the Federal Ministry of Finance Coll., on the examination and approval of the annual accounts of state economic organisations and foreign trade organisations.
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Regulation Information
| Citation | Decree of the Federal Ministry of Foreign Trade No. 167 / 1980 Coll., on the procedure for the liquidation of foreign trade undertakings |
|---|---|
| Regulation Type | - |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 18.12.1980 |
|---|---|
| Effective from | 01.01.1981 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
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