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16. Liquidation of Enterprises

16. Liquidation of Enterprises :

(1) If Government of Nepal in the process of privatization of any enterprise wholly owned by it finds it reasonable to
liquidate such enterprise it shall, not withstanding anything contained in the  prevalent laws, dissolve such enterprise by publishing a notification to that effect in the Nepal Gazette or shall take separate measure for such
liquidation.
(2) All arrears due to the enterprise liquidated pursuant to Sub-Section
(1) shall be recovered, in the manner, similar to the recovery of government dues.
(3) Government of Nepal , may transfer the assets and liabilities of the enterprise liquidated pursuant to Sub-Section (1) to any other body or may, on the recommendation of the Committee, grant remission in respect of the unusable property and unrecoverable liabilities.
(4) If all liabilities of the enterprise could not be fully settled from the assets of the enterprise, the residual liabilities shall be settled according to the existing laws.

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