The purpose of the voluntary liquidation (wind up process) is the dissolution and liquidation of a company by decision of its members who will appoint someone responsible of carrying out a private liquidation process.
The purpose of the judicial liquidation process is the prompt and organized liquidation, based on the debtor’s assets, obligations, and rights before a public authority such as the Superintendencia de Sociedades under the management of a public servant.
The grounds of voluntary liquidation are:
Judicial liquidation resembles to a sanction and may occur for one of the following reasons:
The shareholders or partners might appoint the manager, legal representative, or an external person as liquidator
The liquidator shall be registered in the list of the Superintendencia de Sociedades as judicial assistant.
Is a manager or director of the company, who may concur with the legal representative. Among other, the liquidator has the following roles/ activities:
Shareholders or partners of the company.
The judge appoints the liquidator from the list of judicial ancillaries
Among other, its main functions are: