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(1) A party shall be dissolved as of the day it is deleted from the Register of Parties by the Ministry.
(2) The dissolution of a party shall be preceded by its winding up with or without liquidation.
(3) Liquidation is not required, if:
a) the assets and liabilities of the party shall be transferred to an existing party that is the legal successor of the party being wound up by merger;
b) the party has no assets; or
c) a bankruptcy motion on the party's assets was dismissed due to a lack of assets or the bankruptcy declared on the party's assets was cancelled as the assets would not even cover the expenses and fees of the trustee or due to the fact that there would be no assets left to the party after the conclusion of the bankruptcy proceedings.
(4) An application for the deletion of the party from the Register of Parties may be submitted to the Ministry by its:
a) authorized representative (§8, section 5);
b) statutory body,3 ; or
c) liquidator.
(5) The Ministry shall announce the deletion of the party from the Register of Parties to the person submitting the
application pursuant to section 4. No decision shall be issued; it will only be marked in the file.
(6) The Ministry shall delete the party from the Register of Parties even without an application if it is so stipulated by this Act.