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A business corporation’s existence is terminated on the day of its erasure from the Commercial Register, however each such termination is preceded by a dissolution process, consisting of several sub-stages depending on whether the corporation is to be dissolved with or without liquidation.The dissolution of a company without liquidation is generally understood as its smooth transition to its legal successor, whereas liquidation refers to such activities of a business corporation that follow the decision on the termination of its business activities.Creditors are always senior to shareholders in receiving the corporation's assets upon winding up.However, in case all debts to creditors have been fully satisfied, there is a surplus left to divide among equity-holders.The more detailed regulations relating to transformations of business corporations are contained in Act No.

In order to minimise the risks related to the dissolution of a company, and above all in order to ensure compliance with the legal conditions related to the protection of the company's creditors and the legal responsibility of the statutory body or shareholders of the company, it is advisable to delegate these matters to solicitors specialising in these matters.The liquidation of a corporation is not the same as its dissolution (the termination of its existence as a legal entity).Depending upon statute, liquidation can precede or follow dissolution.The Commercial Register is also accessible by electronic means.Net Liquidation Proceeds means, with respect to a Liquidated Receivable, Liquidation Proceeds net of (i) reasonable expenses incurred by the Servicer in connection with the collection of such Receivable and the repossession and disposition of the Financed Vehicle and (ii) amounts that are required to be refunded to the Obligor on such Receivable; provided, however, that the Net Liquidation Proceeds with respect to any Receivable shall in no event be less than zero.

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