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Company Liquidation in Macedonia

August 13, 2012, 11:21 am
BridgeWest

BridgeWest handles all steps required for company liquidation in Macedonia. Please contact us via email or phone for appointing a liquidator to carry on the company dissolution, submitting the required application forms, dealing with the Court, closing the company's bank account or any other necessary activities for closing a business in  Macedonia.  

The Company Law regulates the liquidation of the Macedonian companies. The liquidation procedure is an opposite process to insolvency and it’s initiated by a general members’ decision or after the expiration of the term stated in the company’s charter.

There are some circumstances when the company’s liquidation is not voluntary: a Court’s decision or a bankruptcy procedure.

The decision of liquidation must be registered in the Macedonian Trade Register and any change in the process must be announced and registered in time. The Registration Court must appoint a liquidator, based on the request of the shareholders.

The liquidator must also register a specimen with his notarized signature. After registration in the Trade Register, three announcements regarding the Lithuanian company liquidation must be published in an interval no shorter than 15 days but no longer than 30 days.

The creditors are invited to fill they’re claims.

The liquidator has the following attributions: collecting company’s debts, setting the company’s debts, terminate the company’s pending business transactions. The liquidator may also sign new contracts. All these actions are allowed only if are necessary to complete the liquidation.

A balance for initiation of a winding up procedure must be issued by the liquidator. The report explains the company liquidation process. Along with this, the liquidator must also issue an annual account for every year and a report of operations made for every year for which the annual account was submitted.

The reports must get the approval from the general meeting of the company’s members.

The company’s assets may be distributed only six months after the last liquidation announcement. If a known creditor fails in claiming his assets, the amount is deposited to the Registration Court.

The claims from the creditors are settled and the remaining assets are distributed among the shareholders, according to the nominal value of its shares or stocks, unless stipulated differently in the Company Charter or if the stocks contain different rights in distributing the company’s assets.

After distribution of all the assets, the liquidator must prepare the application for the erasure from the Trade Register, the approved annual accounts and reports and also a copy of the decision of his release from the duty.

The Registration Court decides where to keep the documents for at least 10 years. Copies of the documents may be issued on a special approve request.

If new assets are discovered after erasure, the Court may appoint a new liquidator and start a new liquidation process.




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