Liquidation of JSC

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.
It should also be noted that the liquidation of a joint stock company can be either voluntary or compulsory – by decision of an economic court or a registration authority. Also, a ban on financial and economic activities may be introduced during the consideration of some administrative and criminal proceedings.

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.
Many of these activities require some experience and knowledge in the field of law and finance. Without qualified support, the risk of encountering bureaucracy increases, and the waste of time and material resources increases. As practice shows, the independent liquidation of a joint stock company can take months and years. At the same time, professional assistance allows you to resolve the issue within 3-4 months, even taking into account the company’s declaration of bankruptcy and the presence of outstanding debts to counterparties and third parties.

Liquidation of JSC in Belarus

Another element of the recognition of a business as liquidated is the publication of an official statement of an appropriate nature in the mass media. Those entrepreneurs who are engaged in the liquidation of a joint stock company on their own often leave this regulatory recognition without due attention, although in the future they may face various problems and difficulties. Therefore, strict compliance with all requirements and standards of the current legislation and prevention of possible risks in the future, it is better to entrust the process of termination of financial and economic activities to experienced experts. With the help of specialists of Borius Consulting LLC, the liquidation of the OJSC will take place as quickly and painlessly as possible, without damaging the business reputation of the entrepreneur and wasting time, material resources. The company’s experts provide a full range of legal services for business at a high professional level and at really affordable prices.
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