Liquidation of the company

Where to start the liquidation of the company?

First, it is necessary to make a decision to liquidate the company. (UAB, MB, etc.) and appoint a liquidator. Despite the fact that the decision to liquidate the company (UAB, MB, etc.) is made, the company (UAB, MB, etc.) can continue to operate for some time (for example, sell its assets, settle with creditors, etc.)

The liquidation of the company (UAB, MB, etc.) must be publicly announced in the source specified in the Articles of Association, and all creditors of the company (UAB, MB, etc.) must be notified in writing.

After registering the legal status “in liquidation”, all contracts of the company (UAB, MB, etc.) should be reviewed, and actions should be taken to terminate them. Employment contracts with employees must be terminated, settlements must be made with them. If the company (UAB, MB, etc.) has assets, the liquidator must sell them, or, if there are still assets after settlement with creditors, they must be handed over to the owners/shareholders.

After submitting all mandatory financial reports/declarations, the State Tax Inspectorate submits to the Register of Legal Entities a certificate on the settlement of the company (UAB, MB, etc.) with the budgets.

One of the last steps in the liquidation process of a company (UAB, MB, etc.) is the archiving of documents and their transfer to the territorial archive for further storage. After transferring the documents for storage, the territorial archive issues a certificate confirming that the documents have been transferred for further storage or that there are no documents to be transferred for further storage.

After completing all the above steps, the company (UAB, MB, etc.) is deregistered from the Register of Legal Entities. The liquidation procedure ends when the company (UAB, MB, etc.) is deregistered from the Register of Legal Entities.