Powers of the liquidator (art. 105 LGS)
The liquidator represents the company and may perform all acts necessary to realize assets and discharge liabilities, using the designation “in liquidation”.
What article 105
Article 105 sets out the liquidator’s powers, subordination to instructions and manner of acting.
Liquidators represent the company and are empowered to perform all acts necessary to realize its assets and discharge its liabilities. They are subject to the members’ instructions, failing which they are liable. They shall act using the corporate name or business name with the addition 'in liquidation'; omission makes them jointly, severally and unlimitedly liable.
Source: Law 19,550, art. 105 — InfoLEG (updated official text)
Commentary
The liquidator replaces the administrator, but for a limited purpose: liquidation, not continuation of the business. The company must be identified as 'in liquidation' to alert third parties; omission entails personal liability. The liquidator is also subject to the members’ instructions.
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