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Company dissolution

The importance of the company dissolution is attributed to a process of the formal and official dissolution of the company. The terms “formal” and “official” imply that the company is no longer kept in public registers. There are several ways to close a business, and each avenue has a slightly different process, but in general, liquidation is the natural result of each of these practices. The two most common ways to dissolve a company are through liquidation or bankruptcy.

Liquidation of a company
Liquidation is a voluntary decision and means that shareholders will vote to close the company (or if there is only one owner, he will choose to). After all formalities have been completed and all applications have been submitted, the liquidation process can begin. The further procedure varies depending on the legal form of the company and the jurisdiction. For example, some less complex legal forms can usually be resolved within a few days, while with other legal forms the entire process can take up to three months or even longer. Everything is based on the size of the property, the number of creditors and the overall complexity of the case.
Register for bankruptcy
The bankruptcy process is usually carried out: it is requested by creditors, third parties or by the owners of the company if a company is unable to pay its liabilities during the liquidation or bankruptcy proceedings. The bankruptcy process takes longer than liquidation and most jurisdictions require a court decision to initiate the process.
It is important to formally dissolve the company as there are many drawbacks to not doing so and leaving the company inactive. First, you cannot claim ownership of the company. As long as the company is kept in the public register, it is recognized as a legal person. Second, there can be legal ramifications if a company is not wound up. For example, in some countries, if you do not dissolve the company, you will have to pay a fixed amount of corporate income tax annually, even if the company is dormant and not doing business. Other regular obligations may have to be observed, e.g. annual reports, bookkeeping, auditing, etc.

Reasons for the company dissolution
A company can go into liquidation for many different reasons. One of the reasons could be that the company is no longer making a profit and shareholders see no way to get the company back on the market, so they decide to liquidate the company.

Another reason could be that the owner wants to restructure a company to a completely different legal or corporate form. For example, business is expanding and a custom merchant form is no longer an effective option, so the owner decides to convert the form to an LLC. Alternatively, the company has too many debts and in order to partially avoid them, bankruptcy proceedings must be initiated. After completing the process, a new company can be re-established.

Person who carries out the dissolution
In most dissolution proceedings, the process is carried out by a liquidator - a special person appointed to dissolve a company. Typically, the liquidator can be one of the directors or other appointed person elected by the shareholders. The company decides at a shareholders' meeting who will dissolve the company and will include this in an official resolution. The resolution must be submitted to the local commercial register along with other required documents. In insolvency proceedings, the insolvency administrator is usually appointed by the court.

http://www.confiduss.com/en/services/corporate/legal/company-dissolution/


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