22. 10. 2024.
Liquidation is the process of closing a company when the company has no debts to creditors. The liquidation process is initiated by the company's founder.
Below, we provide a detailed guide through the liquidation steps.
1. NOTARIZATION OF THE STATEMENT
The first step in the liquidation process is the notarization of a Statement confirming that the company has no outstanding obligations and that the founder is personally responsible for any liabilities of the company for the next 36 months after the completion of the liquidation process.
This means that if anyone proves the existence of a company debt within 36 months after the liquidation, the founder must settle the debt from their personal assets.
For foreign founders, the statement must be translated by a certified court translator.
2. MAKING A DECISION ON LIQUIDATION
After the notarization of the Statement, the founder makes the Decision on Liquidation. This decision represents the official start of the liquidation process.
DURATION OF THE LIQUIDATION PROCESS
The liquidation process usually lasts between 7 and 15 days. After the successful completion of the liquidation, the founder receives a Liquidation Resolution from the CRPS (Central Register of Business Entities) in Podgorica.
SETTLEMENT OF OBLIGATIONS – VERY IMPORTANT!
Before starting the liquidation process, it is crucial for the company to settle all its obligations to the state, employees, or any creditors. Unpaid obligations can make it difficult or impossible to successfully liquidate a company.
Our agency can assist you in preparing the necessary documentation and provide support throughout the entire liquidation process. It is always best to have professional assistance to avoid potential mistakes and speed up the process.
Schedule a free consultation today and ensure that your liquidation process goes stress-free!!
