The fifth step
is the liquidation itself. The process of liquidation can take years. The liquidator must make an inventory of the assets and be ready with the balance sheet, which contains debt claims emerging as a consequence of the publication of calls to creditors in the Gazette. All business activities must be ceased, the company's commitments must be executed, and the assets must be liquidated. Bankruptcy can also be declared if the assets of the company don't cover the debts anymore. Suppose there are no debts, but the company still has assets. In that case, the liquidator is in charge of giving the assets to the shareholders considering the number of their payments and paying attention to preferential rights on shares. Suppose it is a cooperative company, and the articles of association don't contain instructions concerning distributing the remaining assets among the shareholders. In that case, the extra amount of assets must be given for cooperative or other purposes in the public interest.