Article 63. Procedure for liquidation of a legal entity.

1. The liquidation commission shall place in the press, in which data on the state registration of a legal entity are published, a publication on its liquidation and on the procedure and term for filing claims by its creditors. This period may not be less than two months from the date of publication of the liquidation.
The liquidation commission takes measures to identify creditors and collect receivables, and also notifies creditors in writing of the liquidation of a legal entity.
2. After the expiration of the term for the presentation of claims by creditors, the liquidation commission shall draw up an interim liquidation balance sheet, which contains information on the composition of the property of the legal entity being liquidated, the list of claims submitted by creditors, as well as the results of their consideration.
The interim liquidation balance sheet is approved by the founders (participants) of the legal entity or the body that made the decision to liquidate the legal entity. In cases established by law, the interim liquidation balance sheet is approved in agreement with the authorized state body.
3. If the funds held by the liquidated legal entity (except institutions) are insufficient to satisfy the claims of creditors, the liquidation commission shall sell the property of the legal entity at public auction in the manner established for the execution of court decisions.
4. Payment of monetary sums to the creditors of a liquidated legal entity shall be made by the liquidation commission in the order of priority established by Article 64 of this Code, in accordance with the interim liquidation balance sheet, starting from the day of its approval, except for creditors of the third and fourth stages, who are to be paid after approval of the interim liquidation balance sheet.
5. After completion of settlements with creditors, the liquidation commission draws up a liquidation balance sheet, which is approved by the founders (participants) of the legal entity or the body that made the decision to liquidate the legal entity. In cases established by law, the liquidation balance shall be approved by agreement with the authorized state body.
6. If the state enterprise’s assets are inadequate, and the institution is in liquidation, the latter have the right to appeal to the court to satisfy the remaining part of the claims at the expense of the owner of the property of this enterprise or institution.
7. The property of a legal entity remaining after satisfaction of the claims of creditors is transferred to its founders (participants) who have real rights to this property or rights of obligation in relation to this legal entity, unless otherwise provided by law, other legal acts or constituent documents of the legal entity.
8. The liquidation of a legal entity is considered complete, and the legal entity ceases to exist after making an entry in the unified state register of legal entities.

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Links to other articles of chapter 4. Legal entities:
Article 48. The concept of a legal entity.
Article 49. Legal capacity of a legal entity.
Article 50. Commercial and non-profit organizations.
Article 51. State registration of legal entities.
Article 52. Constituent documents of a legal entity.
Article 53. Bodies of a legal entity.
Article 54. Name and location of the legal entity.
Article 55. Representative offices and branches.
Article 56. Responsibility of a legal entity.
Article 57. Reorganization of a legal entity.
Article 58. Succession in the reorganization of legal entities.
Article 59. Transfer deed and separation balance sheet.
Article 60. Guarantees of the rights of creditors of a legal entity during its reorganization.
Article 61. Liquidation of a legal entity.
Article 62. Duties of the person who made the decision to liquidate the legal entity.
Article 64. Satisfaction of creditors' claims.
Article 65. Insolvency (bankruptcy) of a legal entity.
Article 66. Basic provisions on business partnerships and companies.
Article 67. Rights and obligations of participants in an economic partnership or company.
Article 68. Transformation of business partnerships and companies.
Article 69. Basic provisions on a full partnership.
Article 70. Constituent agreement of a full partnership.
Article 71. Management in full partnership.
Article 72. Conducting affairs of a full partnership.
Article 73. Obligations of a participant in a full partnership.
Article 74. Distribution of profits and losses of a full partnership.
Article 75. Responsibility of participants of a full partnership for its obligations.
Article 76. Changes in the composition of participants in a full partnership.
Article 77. Exit of the participant from the full partnership.
Article 78. Consequences of leaving a member out of a full partnership.
Article 79. Transfer of a participant's share in the share capital of a full partnership.
Article 80. Enforcement of a share of a participant in the share capital of a full partnership.
Article 81. Liquidation of a full partnership.
Article 82. Basic Provisions on the Partnership on Faith.
Article 83. The foundation agreement of a limited partnership.
Article 84. Management in a limited partnership and the conduct of its affairs.
Article 85. Rights and obligations of the investor of a limited partnership.
Article 86. Liquidation of a limited partnership.
Article 87. Basic provisions on a limited liability company.
Article 88. Participants in a limited liability company.
Article 89. Constituent documents of a limited liability company.
Article 90. The authorized capital of a limited liability company.
Article 91. Management in a limited liability company.
Article 92. Reorganization and liquidation of a limited liability company.
Article 93. Transfer of a share in the authorized capital of a limited liability company to another person.
Article 94. Withdrawal of a participant in a limited liability company from a company.
Article 95. Basic Provisions on Companies with Additional Liability.
Article 96. Basic Provisions on Joint-Stock Company.
Article 97. Open and closed joint stock companies.
Article 98. Formation of a joint stock company.
Article 99. The authorized capital of the company.
Article 100. Increase of the authorized capital of a joint-stock company.
Article 101. Reduction of the authorized capital of a joint-stock company.
Article 102. Restrictions on the issue of securities and the payment of dividends of a joint-stock company.
Article 103. Management in a joint-stock company.
Article 104. Reorganization and liquidation of a joint-stock company.
Article 105. Affiliated economic society.
Article 106. Dependent economic company.
Article 107. The concept of a production cooperative.
Article 108. Formation of production cooperatives.
Article 109. Property of a production cooperative.
Article 110. Management in a production cooperative.
Article 111. Termination of membership in a production cooperative and transfer of a share.
Article 112. Reorganization and liquidation of production cooperatives.
Article 113. Unitary enterprise.
Article 114. Unitary enterprise based on the right of economic management.
Article 115. Unitary enterprise based on the right of operational management.
Article 116. Consumer cooperative.
Article 117. Public and religious organizations (associations).
Article 118. Funds.
Article 119. Amendment of the charter and liquidation of the fund.
Article 120. Institutions.
Article 121. Associations of legal entities (associations and unions).
Article 122. Constituent documents of associations and unions.
Article 123. Rights and obligations of members of associations and unions.