In order to be able to liquidate a company (instead of declaring insolvency) – it should have positive equity.
- Prepare shareholders’ and Board decisions about starting the liquidation process and to appoint a liquidator. Obtain the liquidator’s written accept.
- Inform Company Register about liquidation within 3 days after decision of liquidation and submit documents’ copies and fill in appropriate forms.
- Inform SRS about liquidation within 10 days after decision of liquidation.
- Prepare liquidation starting Financial Statements and send notices to all known creditors about starting of liquidation process. Creditors can submit their claims within 3 months after publication about liquidation.
- Collect debts and sell assets.
- Repay creditor claims.
- Prepare liquidation closing Financial Statements.
- Stop VAT payer status.
- Submit to Company Register:
- application about end of liquidation process;
- liquidation closing Financial Statements;
- plan of distribution of remaining property between shareholders including liquidator’s fee, shareholders’ acceptance on this plan, reference from SRS that there are no tax debts;
- report about losses that appeared due to impairment of assets;
- original Registration Certificate.
- To submit Corporate Income tax declaration with liquidation closing Financial Statements to SRS.
- Close bank account.
- To deliver all needed necessary documents to State Archive.