In the case referred to in paragraph 1 of this Article, the liquidator could not settle the collectors’ claims, save for the claims incurred in the midst of the corporate’s day by day operations till the day of initiation of the bankruptcy continuing. Liquidation is accomplished by the adoption of the decision on completion of liquidation, referred to in Article 540 paragraph three of this Act. With regards to the claims referred to in paragraph 1 of this Article, the liquidator is considered to be a creditor of the corporate in liquidation. In the occasion of a dispute among the members of the corporate on the distribution of liquidation surplus, the liquidator stays that distribution till the final completion of the dispute. If the creditor, up to the moment of receipt of the discover that the declare is contested, has already initiated a continuing towards the company regarding that declare earlier than a competent courtroom, the creditor is under no obligation to provoke a new continuing upon receipt of the notice that the declare is contested. A liquidator represents the company in liquidation and is liable for the legality of the corporate’s operations.
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