Article 280 of Companies Law

Upon the dissolution of the company, the authority of its managers shall terminate. Nevertheless, they shall continue to manage the company until the liquidator is appointed and exercises his powers. In relation to third parties, the managers shall be deemed liquidators until the liquidator is appointed. The company's bodies shall remain in existence during the liquidation period, and their powers shall be limited to liquidation acts that do not fall within the liquidator's competence.