Company liquidation and dissolution
You need to close down your company and need assistance in the dissolution process, yet avoiding a lengthy and costly procedure?
Plizz will assist you throughout all legal steps that should be followed, and advise how to minimize the liabilities of your company and its directors.
How long does it take to dissolve a limited company?
The duration of the dissolution and liquidation process will primarily depend on the status of the company accounts as all assets and liabilities should be cleared from the balance sheet.
The final approval will in essence come from the Revenue Department who will certify that no contingent liability subsists in the company books.
The process can take as little as 60 to 90 days, up to several years. Hereunder is the timeline to expect if the company books are in order:
What are the steps to dissolve a limited company?
Step 1: Registration of the company dissolution
- Publication in local newspapers of the invitation sent to shareholders to attend an Extraordinary Meeting of Shareholders (EGMoS) which shall be held at least 14 days after the publication date.
- The EGMoS will pass a special resolution approving the dissolution of the company, with a minimum quorum of 75% of shareholders.
- Registration of the dissolution and appointment of the liquidator(s) with the Department of Business Development (DBD) within 14 days after the EGMoS.
- Publication in local newspapers of the decision to dissolve the company and notification sent to creditors within 14 days after the EGMoS.
- Submit the VAT registration certificate for cancellation with the Revenue Department, by notifying the Director General within 15 days after the registration of the dissolution with the DBD.
- Notify the Social Security of the company dissolution by the 15th of the month following the registration of the dissolution with the DBD.
- The liquidator(s) reports the liquidation progress to the DBD within 3 months after the registration of the dissolution with the DBD, and thereafter at successive 3 months intervals if the Financial Statements could not be completed.
Step 2: Registration of the company liquidation
- Publication in local newspapers of the invitation sent to shareholders to attend a Meeting of Shareholders which shall be held at least 7 days after the publication date.
- The meeting of shareholders will approve financial statements.
- Registration of the liquidation with the DBD within 14 days after the shareholders meeting.
- Filing of the final corporate income tax return within 150 days after the registration of the dissolution with the DBD.
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