How to properly liquidate a company, association or foundation – Liquidation of a company, association or foundation is a complicated legal process that requires careful adherence to certain procedures. The process involves many steps, from the decision to liquidate, through settlements with creditors, to the deletion of the entity from the relevant register. The purpose..
The liquidator’s main task is first of all to formally report the opening of the association’s liquidation to the registry court. If the association conducts business, notification of the opening of liquidation can only be done electronically, through a special website set up by the Ministry of Justice (PRS). An association that does not conduct..
The assets of the liquidated association shall be allocated to the purpose specified in the statute. If the statute does not contain provisions in this regard, the resolution may explicitly indicate to which entity the assets will be transferred. As a rule, the entity to which the transfer is to be made should carry out..
The resolution should include the reasons for the decision to dissolve the association. The reasons for the dissolution of the association may be any. Most often, it is a decline in the involvement of the association’s members or the exhaustion of its formula of operation
The process of liquidation of a limited liability company is a process, the first stage of which is the occurrence of circumstances that cause the company to dissolve (although not every dissolution of a company means its liquidation). This can be both the will of the shareholders and other objective circumstances resulting in the company..
The liquidation of the association begins with the decision of the general meeting of association members. Before deciding to liquidate, check the association’s charter. The statutes of associations often include the requirement to obtain a sufficient majority of votes to pass a resolution to dissolve the association. The statute may also regulate in detail other..
It is the liquidator who determines when the liquidation should end. The beginning of liquidation is determined by the date of the resolution to dissolve the foundation or the date indicated in the court’s order to order liquidation. There is no time limit in the Law on Foundations for completing the liquidation process, but in..
Registry courts across the country are inundated with requests from shareholders or company bodies to remove them from the National Court Register without liquidation proceedings. Some of them are de facto dead entities: neither with assets nor with operations. But the other part are those who want to take advantage of the new regulations to..
Once the liquidator has carried out all liquidation activities, he must file an application with the court to remove the foundation from the register. Before doing so, however, he should submit his liquidation report, which also includes a liquidation closing balance sheet, to the relevant foundation body for approval. The relevant body adopts an approval..
According to Art. 15 of the Law of April 6, 1984. on foundations “in the event that the purpose for which the foundation was established has been achieved, or in the event that the foundation’s funds and assets are exhausted, the foundation shall be liquidated in the manner specified in the statute. If the statute..