Article 482 — Powers and Duties of Liquidators

1/ Subject to any limitations imposed by the memorandum of association or by the meeting that appointed them, liquidators shall have full powers to carry out the winding up process; they may, in particular, sell all the assets of the company, represent the company in judicial proceedings, compromise and arbitrate, collects sums due to the company and pay its debts. 2/ The liquidators may not undertake new business, unless required for the execution of contracts still running or where the interests of the winding-up so require. 3/ The liquidators shall be jointly and severally liable to the company or third parties in respect of any business undertaken outside the scope of powers conferred upon them by law, memorandum of association or shareholders` general meeting. 4/ liquidators have a responsibility to complete the liquidation with in a reasonable time.