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Liquidation of a legal entity

Liquidation of a legal entity is a rather long and protracted process. The reason is that you will need  to apply for termination of activities to various government agencies. To save time and effort, you should contact Kasyanenko & Partners Law Company specialists, who will solve all issues as soon as possible.

Methods of liquidation of a legal entity

There are the following methods:

  • official liquidation. We are talking about the complete termination of the company’s activities with mandatory payment of all debts;
  • transfer to other founders. The company is transferred to other founders with a mandatory change of management. The company itself continues to exist.
  • reorganization and liquidation of a legal entity. In this situation, the company ceases its activities, and its rights and obligations are transferred to other founders.

Types of liquidation of legal entities

Business activities may be terminated on such grounds:

  • This decision was made directly by the company’s founders or authorized bodies;
  • The company ceases its business activities based on a court decision.

For compulsory liquidation, there may be grounds such as the absence of a license, violation of current legislation, and much more.

Liquidation of a legal entity: procedure.

When the company is liquidated, this procedure is assumed:

  • deciding on the termination of business activity either directly by the subject or by the court;
  • appointment of the liquidation commission and determination of the period during which the repayment of accounts payable is expected;
  • entering information about the termination of activities in the Unified register.
  • applying to state authorities to monitor the payment of mandatory payments;
  • payment of accounts receivable;
    • at least two months before the full closure, the company’s employees should be notified of the proposed liquidation;
  • procedure for closing bank accounts;
    • if you have a license, you will need to cancel it;
  • valuation of property owned by a legal entity;
  • reporting getting a complete picture of the financial situation;
  • sale of the company’s property and repayment of debts to creditors;
    • obtaining the certificate of the unified state register, confirming the total elimination of;
  • providing a message about the company’s closure to state agencies;
  • disposal of seals if available.

Period of liquidation of the company

During the process of liquidation of the company, the Commission charged with these tasks can expect various unforeseen situations that delay and complicate the process. The Fiscal service, the Pension Fund, and many other organizations can create problems. It is important to know that they have the opportunity to conduct an audit only within two months from the moment when the application for liquidation of the enterprise was officially published.

To avoid additional difficulties and speed up the process of liquidation of a legal entity, the best solution is to contact Kasyanenko & Partners Law Company. In this case, your business will be handled by qualified specialists who have extensive practical experience. Thanks to this, you can save your time and nerves.

Our specialists know all the details and innovations that are available in the current legislation. The cost of our services is negotiated individually.

Dmytro Kasyanenko

Lawyer, managing partner of the Kasyanenko & Partners Law Firm. Since 2002, he has gained extensive legal experience in key positions in business structures and the public sector in the field of law and finance.

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