How to Liquidate a Limited Company in Slovakia

Before you start to liquidate your company in Slovakia, it is important to know if the business was set up as a limited company, which means that it was organized as a separate legal entity. Under a limited company, all profits are owned by the business, and in most cases, all of the debt is owed by the business. There are privately owned limited companies  and publicly owned limited companies, and the rules governing them can vary from each type of organization and from country to country.  That being said, another early step in the process should be to consult with your consultant.

The Process for How to Liquidate a Limited Company in Slovakia

A limited company has similar characteristics.  An LTD/ Slovak sro has members who own shares in the company and it is run by a director or directors who may or may not also be shareholders.

The process for how to liquidate a limited company in Slovakia includes the following:

• Holding a formal meeting with creditors
• The liquidation shall be announce in Commercial Bulletin at least for the period of 3 months
• Appointing an authorized liquidator who will be in charge of the process.
• Inventorying, appraising, and selling all of the company’s assets and properties (Consider outsourcing the process to a qualified third party)
• Placing a stop on all contracts to other businesses and settling up with employees
• Finally once assets are sold and liquidation costs factored in, funds are appropriately distributed to creditors with any remaining money going to the shareholders
• The business is officially closed
• Approvals with company cancellation shall be provided by Tax Authority
• The company shall be erased of the Commercial register within 90 days from termination of the liquidation

For further info feel free to contact us and order our services.