Liquidation is a process put in place for legal entities, be it partnerships, limited liability companies, private shareholding companies or public shareholding ones. The company liquidation in Jordan is governed by the Companies Law, which provides the conditions for voluntary and forced liquidation in the country.
As follows, our company formation consultants in Jordan analyze different details related to the company liquidation in this country.
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Liquidation of a public shareholding company in Jordan
A public shareholding company in Jordan can be liquidated either voluntarily, through a decision made by its extraordinary general assembly, or compulsory, through a binding Court decision.
The company will not be dissolved until the liquidation procedures have been completed according to the legal provisions. Our company registration advisors in Jordan can provide further details on these provisions. We also offer assistance in starting a business in Jordan.
The liquidation procedures in Jordan of such a legal entity, their regulations, implementation and the reports which will be filed to the liquidator have to be specified according to a special regulation issued for this scope.
There are no specialized judges in liquidation and bankruptcy cases in Jordan. The liquidation proceedings must be filed with the Court of First Instance, after which the Chief Judge of the court names a judge of the Court of First Instance to preside the case.
The liquidation decision will require the appointment of a liquidator. If a decision is made for liquidating a public shareholding company and the liquidator was already appointed, then the liquidator must supervise the operations of the legal entity and safeguard its properties and assets.
Voluntary liquidation in Jordan
The decision to voluntarily liquidate a legal entity in Jordan falls under the competence of the extraordinary general assembly of the company.
The exception to this rule is the general partnership, where the decision is made by the company partners if the legal entity ceased running its business and the authorized partner has to notice the controller of that status in maximum 30 days from the date when the company ceased doing business.
Our company formation agents in Jordan can offer further information on the voluntary liquidation procedure in this country.
If you have further questions about a business liquidation in Jordan, or for help to open a company in Jordan, please do not hesitate to get in touch with us.