Liquidation & Bankruptcy
The only legal way for companies with debts to terminate their activities is through bankruptcy proceedings. Bankruptcy proceedings allow terminating business without legal succession, but bankruptcy is more a complex and time-consuming process than voluntary liquidation.
It should also be noted that once bankruptcy proceedings are initiated, executive managers and even shareholders could be, in some cases, subject to criminal liability. It is therefore of the utmost importance to engage highly experienced experts to handle such proceedings.
It is faster and more straightforward to end business activities in Russia through liquidation, which is an option often favored by international companies. In practice, this means that the company under liquidation will be audited by tax authorities and will also need to negotiate and settle its debts with creditors under amicable agreements even if the company does not have sufficient assets to pay all its debts. It is also possible to arrange to transfer the company’s rights and obligations to a legal successor in the manner prescribed by law.
Company liquidation in Russia is a complicated process consisting of the following steps:
- Reviewing the company’s documents;
- Checking the situation with the bank serving the company;
- Checking the company’s taxes and contributions, previous statements and reports;
- Initiating liquidation, namely preparing the documents necessary to start the liquidation procedure: a decision of shareholders for liquidation and nomination of liquidator (chairman of liquidation committee), powers of attorney and forms for tax authorities. All documents are prepared both in Russian and foreign languages;
- Filing documents with the registration authority;
- Changing the specimen signature cards and all digital keys;
- Publishing a notice of liquidation initiation;
- Undergoing audits conducted by tax authorities and social funds;
- Preparing 2nd and 3rd set of liquidation documents with interim and final liquidation balance sheet within 2 months of the official publication of the liquidation initiation notice;
- Closing bank accounts;
- Transferring balance amounts to shareholders;
- Archiving relevant documents with the state archive.
Find the full liquidation plan here.
How can Accountor help?
We provide full support and can take care of the entire liquidation or bankruptcy proceedings on your behalf from start to completion, including acting as mediators in negotiations and officially registering as the company’s liquidator with the State Register of Legal Entities.
While our lawyers prepare corporate, employment documents and filing forms, as well as negotiate with the authorities and employees, our accountants simultaneously prepare all appropriate bookings, close transaction certificates in currency control departments of banks and prepare the interim and final liquidation balance sheet.
We offer the best expertise, tools and drive necessary to reorganize businesses in the most efficient way for a reasonable fee.
If you would like to find out more about our services, please feel free to contact us by phone/WhatsApp: +7 495 788 00 05, by email: firstname.lastname@example.org or filling the contact form below. We will get back to you as soon as possible.