Liquidation refers to the process of selling off a company’s assets when its ready to cease all operations. Most often the assets are used to settled debts and claims, the remaining, if any, is distributed to the company owners. When preparing for liquidation, companies are, by law, required to prepare its financial reports and statements to take stock of financial health and also to spot how the situation arose in the first place.
A liquidation report will look into details about suspicious transactions or other factors that led to the company’s current financial state. It will also give an overall view of the finances and chart out the journey till now to liquidation.
Moreover, we will work closely with our accounting and tax consultants in order to ensure that all statements for the liquidation period as well as for the period preceding the liquidation are processed, including the tax return related statements. We will also draft the final trustee’s report about the liquation process and propose how to dispose of the liquidation balance.
Our corporate consultants will also work closely with our internal legal advisors and support you with the termination of contracts with your company’s partners, clients and employees. After all the legal requirements are done, we will deliver the tax returns and financial statements for the liquidation period to the competent authorities, communicate with the respective tax administrator when applying for approval of
deregistration of the company and deregister the company from the Trade Register.