Corporate winding-up Operations

Abstract

This paper performs a detailed analysis of the winding-up operations which aim at ending the legal relations of a corporation once it has been dissolved. In this sense, the paper goes through the conclusion of pending operations and the performance of any new ones which are necessary for the winding-up (art. 384 of the Spanish Corporate Enterprises Act); the collection of claims and the payment of debts (art. 385); accounting duties (art. 386); the sale of corporate assets (art. 387); and the duty to inform shareholders and creditors (art. 388). Additionally, the paper examines the possibility of substituting the liquidators in case the winding-up operations have an excessive duration (art. 389).