Company Liquidations

What is Company liquidations and how to do it?

The last phase of the life of a legal entity is the liquidation. In that time the legal entity still exist but all of its activities and commercial transactions involved in it business are suspended. When everything comes to the end the legal entity has the opportunity to terminate his presence from the Commercial Register. A person will be appointed who will represent the company and all it’s assets true the process of liquidation.

The estate will be used to cover all the debt and the including if there is any debt to the state, if anything is left it will be divided between the shareholders. To start the progress you have to inform National Revenue Agency (NRA). The notification should be written and dispatched to territorial NRA in which the company is registered. The NRA will answer in the period of two months.

The liquidation can only start when you receive permission from the NRA. When the liquidation starts you have to issue an invitation to your creditors true the Commercial Register so they can claims on their part. The company can be terminated from the CR when all the creditors satisfied and have nothing claim. After six months have passed and no one have any claims it can be removed from the Commercial Register. When they are not satisfied, the liquidation can’t be stopped until everybody is pleased.

Before you start the procedure you have to consider if your company have any liabilities to the state or to private creditors.
If the answer is negative, it last around 7 months from the start of the process procedure until the final termination.

During that time the liquidator has various commitments:

First, he have to publish an invitation directed to the creditors and satisfy they have any claims; To inform the National Social Security Institute (NSSI) for the closing of the company; Deliver the payroll sheets in case the company had employees; Regardless of whether or not the company had any employees, NSSI have to issue a certificate that the payroll sheets have been hand over or that the company had no employees.

The last thing is to compose the final balance.

The certificate issued by NSSI and the final balance are required for the final termination of the company from the Commercial Register. If the company has any debt, please contact us for further information.

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