How will state-owned companies be closed in liquidation? - The "Operator of State-Owned Companies" is being created, it will manage assets and liabilities
The government has determined the rules and procedures for the closure and final deregistration of state-owned companies in liquidation, as well as the mechanism for the treatment, administration and transfer of their rights and obligations.
The law published in the Official Gazette applies to commercial companies with state capital of not less than 51%, which are in the process of liquidation at the moment of entry into force of this law.
Meanwhile, commercial companies with state capital that are declared in liquidation after the entry into force of this law continue liquidation procedures according to the 2008 law, "On Traders and Commercial Companies", as amended.
As regards the closure procedure, the General Assembly of state-owned commercial companies in liquidation decides to initiate the deregistration procedure in accordance with the provisions of the law. The rights and obligations of state-owned commercial companies in liquidation are transferred from the existing companies to the state-owned commercial company established in accordance with this law.
After the transfer of rights and obligations is completed, the General Assembly makes the decision for the final closure of state-owned commercial companies in liquidation, and authorizes their deregistration at the National Business Center.
After the transfer of rights and obligations is completed, state-owned commercial companies in liquidation are deregistered from the National Business Center.
For deregistration purposes, the following are deposited at the National Business Center: the Assembly's decision and the financial statements of the company's closure in liquidation, and then deregistration is carried out.
According to the law, in parallel, for the administration, treatment and management of the transferred assets and liabilities, the state trading company “Operatori i Sociëtieve Sestërore” sh.a. is established. The sole shareholder of the company is the Ministry of Economy. Specifically, the Company will administer the transferred assets; their sale or privatization, according to the legislation in force, in order to repay creditors. For the sale or privatization of assets that may have strategic importance or may violate national security, prior approval is obtained from the responsible ministries.
The company will also have as its object of activity the collection of receivables as well as the accounting system of time-barred or uncollectible receivables and payables.
The successor state company is established for a specified duration until the completion of the processes of administration and sale of assets, collection of claims and settlement of transferred liabilities, and is then subject to the liquidation procedure.
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