ASSETS OF COOPERATIVE BEING LIQUIDATED - PART I (Majatek likwidowanej spóldzielni - czesc I)

• Authors: Stepnowska-Michaluk Marta
• Languages of publication: PL

Abstracts

EN

The current legislation (Law of 16 September 1982 - Law on Co-operatives) provides that the assets of co-operatives are privately owned by their members, but it can still be shown that this rule can be seen differently at different stages of the existence of a particular co-operative, and especially in the period of its liquidation. It is also indicated that the structure of the assets of each co-operative is based on the funds strictly defined by law and the co-operative's statutes. These are: shareholders' payments fund and resources fund which are classified as obligatory co-operative's own funds. The co-operative can create at the same time other funds, operating under separate regulations and its own statutes. Principle is that these funds during the co-operative's economic activity are fully independent from each other and have very specific characteristics. Similarly, the co-operative put into liquidation remains a legal entity and continues to have command over its property, and until deletion from the companies register remains the assets' owner in terms of civil law. Commencement of the liquidation of a co-operative does not cause the loss of its property rights, especially those having character of real rights. In the course of the present study it was showed, however, that the opening of liquidation of the co-operative will bring about significant effects on the co-operative's assets. During the liquidation we can no longer speak of several independent co-operative's own funds, but about only one own fund. The above is a consequence of the fact that at the stage of liquidation, the co-operative is no longer conducting economic activity, and its main task is to liquidate the assets and satisfy the claims. Therefore, all funds of co-operatives from the date of liquidation commencement are somehow turned into one 'mass' serving the purposes of the liquidation procedures. Moreover, with the opening of liquidation, members of the co-operative are entitled to a number of claims of pecuniary character, which do not appear during other stages of co-operatives' existence. In addition, it was stressed that during the liquidation proceedings it is possible to transfer co-operative's assets to other entities working towards specific goals of the co-operative or social objectives - but the transfer procedure is not easy and is not admissible for all entities.

Keywords

EN

COOPERATIVE; COOPERATIVE'S ASSETS; LIQUIDATION

Discipline

• LAW_&_ADMINISTRATION: LAW & ADMINISTRATION

• Publisher: Spółdzielczy Instytut Naukowy G. Bierecki sp.j.
• Journal: Pieniądze i Więź
• Year: 2009
• Volume: 12
• Issue: 3(44)
• Document type: ARTICLE

Contributors

author

Stepnowska-Michaluk Marta

• Marta Stepnowska-Michaluk, Katolicki Uniwersytet Lubelski Jana Pawla II, al. Raclawickie 14, 20- 950 Lublin, Poland

Identifiers

CEJSH db identifier

09PLAAAA070323