- Company Liquidation is a procedure that is carried out when the company has sufficient assets to cover its liabilities.
- Corporate Bankruptcy is a procedure that can be carried out as a bankruptcy or reorganization of the debtor (entrepreneur or legal entity) that is unable to pay debts owed.Which procedure to perform?
- In a case if the company did not do anything, or had transactions on the account, the best is that the owners run "abbreviated" process of voluntary liquidation of the company . This is the simplest procedure, when the owner signs a statement that the company has no debts and that will for any debts match the personal assets, for a period of three years. That is, if the company had no transactions on the account, contributions on wages are not considered debt, and the owner can be easily and cheaply rid of the company with which he did nothing . Also, the "abbreviated" procedure voluntary liquidation can be initiated in the case when the company operated and the owners are convinced that no outstanding claims. So, the risk is that someone submit a claim within a period of three years, which may be charged from the personal assets of the founder.
- In a case, if the company had a turnover through the account and does not have outstanding claims, can run "regular" liquidation procedure : When obtaining the certificate of tax administration, there are no arrears, and submits a request to the central register to delete the company.
- In a case, if the company had a turnover through the account and there are no funds to pay debts to creditors, can to start bankruptcy proceedings . The court orders the Trustee, notices debtors (and the IRS), and after verifying that the company has no assets from which the creditors can not collect debts, finish bankruptcy and liquidate the company
Our experience has shown that the following questions proved to be the key ones in bankruptcy or liquidation procedure: how to implement the winding-up process so as to comply with all legal rules and deadlines, how to allocate the remaining assets of the enterprise, how to regulate relations with employees, how to finalize the process as fast as possible and how to minimize the costs?
Bankruptcy or liquidation procedure of enterprises always requires you to obtain a lot of documents and incurs additional costs for the company.
Our team can assist you in composing financial statements, preparing documentation for financial control and preparing all necessary documentation.