Liquidation.

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Liquidation

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;

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