(1) The liquidators are to bring to an end the current business, collect the receivables, convert the rest of the assets into cash, satisfy the creditors and pay out the surplus to those entitled to receive the assets. In order to complete transactions that are in progress, the liquidators also may enter into new transactions. The collection of receivables and the conversion of the rest of the assets into cash may be omitted to the extent that these measures are not necessary to satisfy the creditors or to distribute the surplus among those entitled to receive the assets.
(2) The association is deemed to continue in existence until the end of the liquidation if the purpose of the liquidation so requires.