The activity of a branch shall be terminated by a decision of the competent body. The head of the branch shall publicly announce the termination of the activities of the branch in the source specified in the Articles of Association of the branch three times at intervals of not less than 30 days or once and notify all creditors in writing. The announcement or notification shall indicate the term for filing creditors’ claims, which may not be shorter than 2 months from the date of public announcement. Upon public announcement of the termination of the activities of a branch of a foreign company, the creditors of the branch of a foreign company shall have the right to demand the performance of the obligation or that the foreign company to which the branch belongs provide additional security for the performance of the obligations. The documents of a branch of a foreign company that has ceased its activity shall be transferred to enterprise for storage until the branch is deregistered in accordance with the procedure established by the Law on Documents and Archives.
A branch shall be deregistered upon receipt by the Registrar of the documents required for the deregistration of the branch and a notification from the Territorial State Tax Inspectorate on the settlement of the legal entity with budgets and monetary funds (form JAR-PBA).