Liquidation of business entities

LIQUIDATION OF COMPANIES

When a company faces the need to close, owners and founders often have questions about the legality of the process and how to complete it as efficiently and cost-effectively as possible. Winding up a company requires preparing documentation and passing inspections by government agencies, including the tax service. This complex process often requires professional assistance from lawyers.

Liquidating a company is a task that requires a lot of effort. During this process, not only does the legal entity legally cease to exist, but it also ensures the preservation of business reputation and fulfillment of obligations to creditors.

Solving all the issues and conducting the liquidation procedure of a business entity on a turnkey basis is possible with the participation of experts from Legal Decisions.

LIQUIDATION OF THE COMPANY: WHAT ARE THE OPTIONS?

Ukrainian legislation allows for the liquidation of 3 types of enterprises:

By the decision of the founder
Through bankruptcy
Express liquidation

through the sale of corporate rights

Usually, the process of complete liquidation takes from three months to a year. Legal Decisions is distinguished by offering its clients not only a standard set of procedures for closing a company and removing it from the Unified State Register, but also the possibility of express liquidation in just 1-3 days. A quick closure involves transferring corporate rights to other persons, marking you no longer as a founder or director, and releasing you from liability for the company’s obligations. After that, our team takes care of the final closure of the business.

Our specialists will assist in the termination of the activities of individual entrepreneurs, limited liability companies, joint stock companies, as well as subsidiaries, representative offices and branches. We will also provide advice and assistance in choosing the best liquidation method that meets your needs.

HOW IS THE COMPANY LIQUIDATED?

The founders decide to close the company and appoint a liquidation commission.

The procedure for closing an enterprise begins with the founders' decision to liquidate and the appointment of a liquidation commission. The decision is submitted to the state registrar, who publishes it in the local media. The liquidation commission accepts claims from creditors, completes business operations and makes settlements within two months.
The decision is submitted to the state registrar, who publishes a notice of the decision in the local media.

The tax authorities and the pension fund receive information about the published notice. Next, you need to contact the tax office to deregister as a taxpayer and close your bank account. The company undergoes a tax audit, during which the fiscal authorities check for tax arrears and identify possible reporting irregularities.
Next, you need to contact the tax office to deregister as a taxpayer.

Preparing for a tax audit can take 10 days, and often companies that are being liquidated turn to auditors to minimize financial risks and avoid fines. After a successful audit, a 22-OPP form will be issued, confirming the absence of debt to the state budget and valid for 2 months.
Closing a bank account.

It is important to note that before closing an account, it is recommended that you contact a bank representative to obtain accurate information about the necessary steps and documents to complete this procedure.
The company is undergoing a tax audit.

At this stage, the fiscal authorities conduct an audit to determine whether the company owes any taxes to the state and to identify possible irregularities in its financial statements. The tax authorities give the company 10 days to prepare for the audit. In cases where a company does not have a sufficient number of specialists, a liquidating company often turns to auditors. An audit helps minimize financial risks and avoid fines.
The company applies to the pension fund for deregistration.

The company applies to the pension fund to complete the procedure for marking its closure in the accounting systems. During this process, representatives of the Pension Fund may request documentary information, including a tax audit certificate. Within 10 days, the company is inspected by the fund's specialists to assess the authenticity of pension contributions and confirm the absence of any financial debts. Based on the results of this inspection, a certificate is issued confirming that all mandatory payments have been made on time and that there are no debts to the pension fund.
Orders on staffing and payments to employees are submitted to the state archive.

Documentation related to personnel and payments to employees is transferred to the state archive in accordance with the established procedures.
The seal is destroyed, and an act of the liquidation commission is drawn up, which records the completed stages.

The company's seal is destroyed, and the liquidation commission draws up an act describing in detail and recording all stages of liquidation.
The package of documents is submitted to the state registrar.

The package of necessary documents is submitted to the state registrar, who enters information about the termination of the company's activities into the Unified State Register within a business day. Within the next business day, the liquidation commission or an authorized person receives a written notice of the official termination of the business entity.

If you want to avoid complications and do not have time for an independent process, contact Legal Decisions. Our team is ready to provide hassle-free and legal assistance in resolving all issues related to the liquidation of a legal entity or individual entrepreneur.

Do you have any questions?

Call us now and get answers to all your questions!

+38 050 698-15-21 +38 063 803-90-83

People are also looking for

Categories