Liquidation of a joint stock company without the participation of qualified lawyers is an extremely time–consuming and complex procedure that takes a lot of time, effort and material resources. But it is necessary for those who have decided to stop carrying out commercial activities, since a simple closure of the enterprise or not providing services, stopping production does not get rid of previously assumed obligations and responsibilities.
The process itself implies a certain sequence, which is strictly regulated by the current legislation and regulatory legal acts of the Republic of Belarus. Competently implemented liquidation of the Joint Stock Company will allow avoiding various fines and sanctions, administrative and in some cases criminal liability.
Reasons for the liquidation of JSC
There can be many reasons for the termination of commercial activity:- Fulfillment of the main purpose of the company.
- Loss of personal interest of the founders and owners.
- Completion of the registration period.
- Bankruptcy or the presence of debts that cannot be repaid.
- Reorganization of an open joint stock company or change of its status.
- Closing of representative offices, branches, branches, head office.
The main stages of the procedure
Closing a business implies strict compliance with applicable requirements and standards, regulatory legal acts. The process itself is carried out in several stages:- Making a decision on the termination of financial and economic activities during the shareholders’ meeting or obtaining a corresponding resolution of the economic court, registration authority.
- Transfer of the full package of documentation to the Ministry of Justice, tax and customs authorities, Social Protection Fund.
- Determination and appointment of the liquidation commission, which establishes the procedure and terms of the procedure.
- Determination of the amount of arrears of wages and other mandatory payments, including to creditors, debtors, counterparties.
- Payment of debts to employees and persons who have suffered harm to life or health, creditors, investors, banks.
- Calculation of payments to budgetary and extra-budgetary funds.
- Formation of the liquidation balance sheet of an open joint stock company.
- Provision of certificates on the absence of debts and obligations, as well as legal seals to the registering authority with a subsequent extract from the register.