The liquidation of a company may be conducted when the company has sufficient assets to settle all of its liabilities (a manner of dissolution of a solvent company).
It shall be initiated by a resolution of the partners, general partners, the general meeting of a limited liability company, or the general meeting of shareholders.
The liquidation of a company shall commence on the date of registration of the resolution on liquidation and publication of the notice on initiating the liquidation proceedings.
The notice shall be published on the website of the Register of Business Entities for a period of 90 days, and creditors may file their claims not later than within 30 days after the date of expiry of the period of publication of the notice. Consequently, an application for registration of deletion of the company may be submitted after completion of the liquidation proceedings at the earliest 120 days after the date of publication of the notice.
A liquidator shall be appointed in the resolution on initiating the liquidation proceedings. Upon appointment of the liquidator, the representation rights of all representatives of the company shall terminate.
The liquidator shall be obliged to prepare an opening liquidation balance sheet (90 days at the earliest and 150 days at the latest from the date of the commencement of liquidation), which shall submit to the partners, general partners or the general meeting, for adoption. The adopted opening liquidation balance sheet shall be registered within 15 days from the date of its adoption.
The liquidator cannot file an application for deletion of the company if the 120-day period after the publication of the notice was not expired and if the opening liquidation balance sheet was not registered.
If the liquidation proceedings last for more than one year, i.e. if the business year ends during the proceedings, the liquidator shall submit the opening liquidation balance sheet to the partners, general partners or the general meeting for adoption, not later than six months upon expiry of each business year. Annual liquidation reports shall be registered within 15 days from the date of adoption.
Our service include:
- Preparation of agreements, notifications and other documentation related to: contracts termination and solving due obligations with creditors, solving credits and loans, sell of assets and other procedures that are required to be finished before liquidation commencement;
- Preparation of the Decision on Commencement of liquidation process, Liquidation manager proposal and controlling of his/her actions, preparation of all documents required for registration of the liquidation commencement at the Serbian Business Registers Agency (SBRA), organizing making of the new Company’s stamp and informing all relevant institutions in Serbia on liquidation commencement;
- Preparation of all the documents for employment termination with all employees in the Company due to liquidation commencement and registration of employment termination at all relevant institutions in Serbia;
- Preparation of all required reports and decisions for the Liquidation manager and founder of the Company related to liquidation process according to the Law;
- Preparation of all required financial statements related to liquidation of the Company and necessary decisions on their adoption for the founder of the Company;
- Registration of all decisions and reports at the SBRA related to liquidation process of the Company according to the Law.