Unlike reorganization, voluntary winding up of company isn’t associated with the transfer of its obligations or rights by way of succession to other persons in Belarus. Liquidation as legal concept doesn’t imply rights and obligations transfer by way of succession to other persons. So, liquidation business must be delimited from some related concepts, explain the «Grand Realt» lawyers.
Liquidation of company
Legal entity that, during the last one-year prior the registering authority moment made a decision, didn’t submit any reporting documents provided by Belarus legislation to taxes or fees, either didn’t make transactions on any company bank account. Belarus juridical system recognizes that business as terminated. Such legal entity must be excluded from the state register of legal entities in Belarus. This happens after registering authority issued decision.
Legal entity exclusion
Limited company liquidation to exclude an inactive legal entity away of Belarus legal entities state register carries special termination ground for legal entity, and isn’t related to liquidation. When legal entity property can’t satisfy any claims of creditors, proceedings to bankruptcy must require; it’s not applicable.
Removing of inactive legal entity from the register of legal entities after authority decision allows when specified subject has debts either in taxes and fees or penalties and incomplete obligations to budgets of different levels.
Business activities terminations
Legal entity exclusion is recognized a special type of legal capacity stop of legal entity but isn’t related to general procedure for liquidation of company followed after law prescriptions. But consequence for such legal entity exclusion is similar to that of legal entity liquidation. Liquidation process itself entails all rights and obligations stop at legal entity.
Voluntary liquidation of business
- Co-business members make a liquidation firms decision and accept appointment of liquidation staff.
- Inspecting staff conducts liquidation activities following Republic of Belarus current standards.
- Records on legal entity stop status should be handled over to Belarus Legal Entities Unified State Register.
If court decides to liquidate business compulsory:
- When organization was created, violations for gross law committed but these violations become irreparable.
- Organization operates without state license.
- Activities restricted by legislation of Belarus.
- Business activity is recognized with duplicated / gross law and legal acts violations.
- A public organization, charitable or other foundation regularly carries out activities that contradict their statutory goals.
Absence at business legal address
Subject of disputes is possibility of limited company liquidation compulsorily due to legal entity absence at the address specified in charter. Non-location at legal address can’t be equated with non-reporting or other gross law violations. Legal entity absence at address indicated in constituent documents can’t serve as liquidation basis, since it’s disposable.
Liquidation firms procedure
First of all, participants must inform authorized state body of Belarus about liquidation process start through legal actions by «Grand Realt». Notification to state body about liquidation procedures start is made according to required form. Business company participants must notify relevant body within three working days after the liquidation of company act decision took place.
Participants must approve liquidation commission strictly following all Belarus procedures and prescriptions. When liquidation commission is approved, authority has to arrange organization affairs including court appear on behalf of liquidated business. Winding up of a company committee must obtain prior advice from «Grand Realt» to avoid erroneous steps.
- Liquidation committee must publish liquidation announcement in press and media. It’s necessary to inform about liquidation of company fact, about frames of time for which creditors can present complains against business.
- Commission conducts organization’s property, its obligations complete and fulfill inventory. Commission identifies every creditor in business and notifies them regarding company liquidation process.
- Committee shall make the best effort to collect receivable actives.
- Committee prepares final liquidation balance sheet indicating results.
- Commission, having claims of creditors let refuse / reject about claims’ satisfaction. Creditor may apply claim against liquidation committee to the court.
- Claims for liquidated organization that remained unsatisfied should recognize and declare canceled.
Liquidation of company balance sheet
- Approved by all business founders under «Grand Realt» supervision. Balance sheet consists of property of business organization details before settlements with business founders.
- Liquidation of business balance sheet along with required annexes to it contain investigation results from liquidation commission.
- Liquidation firms balance sheet should contain points about collection and legal entity property sales details and data, about both satisfied or unmet claims from business creditors, regarding legal entity property written off for losses.
Liquidated company properties
Firm’s property sale stage may take place after drawing up stage and approving the final liquidation balance sheet only. After debt repayment, property remaining things should transfer to the business organization founders. Full control is exercised by «Grand Realt». After distribution among the owners of property, firm or other business organization must close all existing bank accounts.
Limited company liquidation procedure by «Grand Realt»
What is necessary from your end?
- Application signed by business liquidation commission head, notary certified.
- Ltd company liquidation copy of balance sheet.
- State duty payment submitting receipt.
After marking the relevant entry in register, liquidation is considered completed, so business organization is recognized non-existing anymore.
Where can you arrange voluntary winding of company?
Liquidation of business by «Grand Realt» will help you have the best liquidation of company process in Minsk and other corners of Belarus. Kindly take detailed advice per email: email@example.com or by calling us: +375447978585