Newsletter
DEATH OF COMPANY SUPER-VISOR DURING LIQUIDATION REQUIRES REPLACEMENT
In an interpretation dated 29 November 2000, the MOEA stated that Article 331 Paragraph 1 of the Company Law requires that within 15 days after completing the liquidation of a company, the liquidator submit a statement of receipts and payments during the liquidation period, a profit and loss account and all accounting records to the company supervisors for examination, and present them to a shareholders' meeting for ap-proval. If the death of a supervisor occurs during the statutory period for the liquidator to submit the accounts to the supervisors, so that the su-pervisors cannot complete their examination and the accounts cannot be presented to a share-holders' meeting, then in order to comply with the procedure required under Article 331 Para-graph 1 of the Company Law, it is incumbent upon the liquidator to convene a shareholders' meeting to appoint a new supervisor.