The liquidation is the last stage of existence of a trading company when it no more exercises business activities or does commercial transactions.
It involves four stages:
- Notifying the creditors of the company that the business activities are stopped as the notification is recorded in the commercial register;
- Establishing the volume of the company‘s assets and submiting a report and a balance sheet
- Recovery of outstanding claims, fulfilment of all obligations as well as transformation of the company assets into money
- Dividing between the partners entire assets remained after the fulfilment of the obligations and the recovery of outstanding claims
The law firm performs execution of the activity of a liquidator and takes all the necessary actions in the procedure of liquidation of commercial companies and non-profit associations in accordance with the current legislation;