Company Liquidations

Liquidation is the final stage of the existence of a legal entity, during which the legal entity continues to exist, but it has suspended its business activities and it ceased making commercial transactions. After completing the liquidation procedure, the legal entity can finally terminate its existence and be deleted from the Commercial Register. A liquidator shall be appointed during the process of liquidation and he shall represent the company and liquidate its assets. The liquidated assets shall be used for covering the company’s debts to its creditors (including the state), if any, and the rest shall be distributed between the shareholders. In order to start the liquidation, first you need to notify the National Revenue Agency (NRA). The notification shall be made in writing and sent to the territorial NRA directorate, where the company is registered. NRA issues notification certificate within two months. After receiving the certificate from NRA you can start the liquidation procedure. Once the liquidation has started you shall publish an invitation to the creditors in the Commercial Register and wait at least 6 months for possible claims on their part. The company can finally terminate its existence and be deleted from the Commercial Register only after all creditors’ claims are satisfied. After the expiration of the minimum term for laying claims on the part of creditors, if such claims are satisfied, the company can finally terminate its existence and can be deleted from the Commercial Register. In the cases where the creditors’ claims are not satisfied after the expiration of the minimum term, then the liquidation shall continue until every claim is satisfied.

Before you start a liquidation procedure you shall consider whether your company has any liabilities to the state or to private creditors. If the answer is no it usually takes about 7 months from the start of the liquidation procedure to the final deletion in the Commercial Register. During these 7 months the liquidator has several obligations: First, he shall publish an invitation to the creditors and satisfy their claims, if any; Notify the National Social Security Institute (NSSI) for the deletion of the company and hand over the pay-roll sheets in case the company had employees; Regardless of whether or not the company had any employees, NSSI shall issue a certificate that the pay-roll sheets have been handed over, or, respectively, that the company had no employees. Finally, a final liquidation balance shall be composed. The certificate issued by NSSI and the final balance are needed for the final deletion of the company in the Commercial Register. If the company has any liabilities, please contact us for further information.

Fees

Services included in the price

Price of the included services: 300,00 EUR

Optional services

Required documents

Before starting the liquidation you need to present the following documents and undergo the following procedures:

Upon the deletion of the company from the Commercial Register (about 7 months after the start of the liquidation) the following documents are required:

All other documents shall be prepared and submitted with the respective authorities by us. You shall sign the documents we have prepared and send them back to us scanned by e-mail. If we need any document as a hard copy, we shall notify you promptly. If the National Revenue Agency initiates an audit against the company with regard to the termination of its activities, you shall appoint an accountant to represent the company before the tax authorities in connection with such audit.