Company liquidation
Liquidation of company is a way of winding up the company. It is a process involving a set of economic, legal and organizational actions that aim for the settlement of obligations towards employees, borrowers, lenders and the government. The goal is achieving the maximum liquidation surplus, which is to be divided among the company owners.
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The liquidation process occurs (except for liquidation forced by a court decision), mostly for following reasons:
a) the company fulfilled the purpose it was founded for,
b) the time period which the company was founded for passed,
c) liquidation of the company is a way to optimize the corporate structure,
d) economic reasons, especially the loss of markets, lack of perspective business content, deepening financial loss, loss of funding sources, etc.,
e) legal grounds, primarily the loss of business license, etc.,
f) personal reasons of the owners.
Liquidation is carried out by a liquidator appointed by the General Meeting. During the liquidation process the liquidator acts independently and has full authority for actions required by the liquidation. The liquidator manages the process of liquidation, in cooperation with experts from the fields of law, tax and economics, in the shortest and most efficient way. The liquidator is responsible for the results of their work and he is accountable to the owners of the company.
Liquidation process
- The General Meeting (or the sole owner) shall decide that the company shall enter into liquidation; that the company will be wound up by the way of liquidation and a liquidator appointed from the members of the statutory body of the company (it can also be a third party).
- The information about the beginning of the company’s liquidation is entered into the Companies Register (the name of the company is accompanied by the phrase "in liquidation" and the name of the appointed liquidator, who takes over the obligation of the statutory body).
- The appointed liquidator analyzes the assets and liabilities of the company. If then or at any time during the liquidation the assets are not sufficient to cover the company’s liabilities, the liquidator applies for insolvency.
- On the day before the date of initiating the liquidation the liquidator completes extraordinary Financial Statements and satisfies the ensuing tax obligations.
- Consequently, on the day of initiating the liquidation the liquidator shall draw up a balance sheet.
- The liquidator draws up a budget and a plan of the liquidation process, including an inventory of assets and liabilities and the method of monetization of non-monetary assets
- The liquidator will immediately deal with industrial issues and will decrease the number of staff so that only persons necessary to the successful completion of the process of liquidation are employed.
- The liquidator shall announce the initiation of liquidation process in the Business Bulletin and he shall prompt all known creditors to file their claims.
- The liquidator will initiate negotiations with tax authorities, health care insurer, social governance institutions and other relevant government institutions.
- Liquidator shall gradually terminate all business activities of the company and commences selling non-cash assets of the company by the way of public auction, public tender or direct sales.
- The liquidator negotiates with banks and business partners in order to recover the claims and pay its liabilities.
- The liquidator shall settle all fees and taxes.
- Once all debts are paid, the liquidation report and the plan of distribution of the liquidation surplus between company owners shall be submitted by the liquidator to the General Meeting for approval. The liquidator draws up extraordinary Financial Statements to the date of submission of these documents.
- Upon approval of the proposed distribution of the liquidation surplus, the liquidator proceeds to the payment of the share to each owner.
- The liquidator seeks the approval the tax administrator with deletion of the company from the Companies Register.
- The liquidator archives relevant documents of the company
- Within 30 days of completion of the liquidation process the liquidator shall apply for deletion from the Commercial Register.
The company is wound up upon its deletion from the Companies Register.
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We are very satisfied with the services you provide, particularly with accounting statements being presented in both English and Czech, as well as seamless bookkeeping. Our collaboration over the last years has been impeccable and void of any problems with either our parent company or the local authorities. Thomas Kudera, National Manager, Czech Forbo Flooring, Forbo Ltd.
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