(1) The liquidators are to terminate the ongoing business, collect receivables, convert the remaining assets to cash and satisfy the creditors. Insofar as the winding up requires this to be done, they also may enter into new business transactions.
(2) In all other cases, the liquidators have the rights and duties of the management board within their sphere of business. Like the management board, they are subject to monitoring by the supervisory board.
(3) The prohibition of competition set out in section 88 does not apply to them.
(4) All business letters addressed to a specific recipient must set out the following particulars: the legal structure and the seat of the company, the fact that the company is in the process of being wound up, the court of registration at the seat of the company, and the number under which the company has been entered in the Commercial Register, as well as all liquidators and the chairperson of the supervisory board, providing their family names and at least one fully spelled-out first name. Where information is provided regarding the company’s capital, its capital stock must be set out in any case, as must be the aggregate amount of the contributions still outstanding if the issue price has not been fully paid for the shares of stock. The particulars pursuant to sentence 1 need not be provided in the case of notifications or reports issued in the context of an existing business relationship and for which pre-printed forms are customarily used that simply are to be completed by the particulars required for the individual case. Order forms are considered business letters within the meaning of sentence 1; sentence 3 is not to be applied to them.