Winding-up and dissolution of company
Sometimes the hard times of doing business force shareholders and management to take the hard decision to close a company. In terms of finishing business it is necessary to follow the legal steps to dissolve a company. These steps should be followed even in time when company was never used for business.
We provide legal, tax and administrative assistance in process of termination of a company. A company becomes dissolved on the day it is deleted from the Business Register. Dissolution of a company is preceded by its winding-up. The winding-up can be done either with or without liquidation (the latter applies if the company’s business assets are transferred to its legal successor) and deletion from the Commercial Register is preceded by a tax settlement.
A company shall be wound up:
- on expiry of the period of time or on attainment of the purpose for which it was formed,
- by the resolution of the partners or competent organs of the company,
- by judicial order due to legislation reasons,
- if a bankruptcy order is placed on the company property or if a petition for a bankruptcy order is dismissed due to the lack of company property,
- for any other reason as set out under the particular Act