Liquidators are indicated in the notification on the opening of liquidation filed with the registry court, as we wrote about in Step 1. The functions of liquidators are performed by former members of the board of directors of the liquidated company, whose terms of office expire upon the dissolution of the company. By resolution of the shareholders, persons outside the former members of the board of directors may be appointed to this position. Performing the function of liquidator, in addition to the terms of reference, does not differ too much from serving on the company’s board of directors. For this reason, the principle according to which the company’s interests are terminated by those who previously ran them makes sense and works well in cases where there are no shareholder conflicts. Liquidators are authorized to manage the affairs of the company and represent it.The requirements for those wishing to become liquidators are the same as for members of the board of directors. They can only be natural persons with full legal capacity, who have not been convicted by a final court judgment of certain economic crimes.As with members of the board of directors, for performing the function of liquidator, as a rule, remuneration is due, which can be paid by the company on the basis of a resolution of the shareholders’ meeting, an employment contract, or a contract of mandate (management contract).Liquidator is liable for the obligations of the company in the same way as a member of the board of directors. In the event that enforcement against the company’s assets proves ineffective, all liquidators will be jointly and severally liable for the company’s obligations with their assets. They may be released from this liability only if they prove that they timely filed a motion to declare the company bankrupt, or that the failure to file a bankruptcy motion was not the fault of the liquidators, or that despite the failure to file a bankruptcy motion the creditor did not suffer any damage.