Liquidating company in Poland

8 years ago admin Comments Off on Liquidating company in Poland

Liquidation of the company is a form of finishing business in Poland only if there are no reasons to file for bankruptcy.

The liquidation procedure begins at the moment of the owner’s resolutions. It may be adopted by an attorney appointed in Poland with no personal presence of the owners.

The owners should appoint liquidators of the company. In other case the liquidation will be carried by the current members of the board.

First of all, liquidators should announce the dissolution of the company and the opening of the liquidation, calling on creditors to submit their claims within three months of the date of this announcement.

On the opening day of the liquidation the liquidators shall draw up the opening balance of the liquidation. In the course of the liquidation of liquidators should complete the company’s business, fulfill obligations, collect debts and sell the company’s assets.

Liquidation ends by the division of the company’s assets in cash, however in some specific cases the company’s asset may be also divided in nature.

The asset’s division cannot take place within six months from the date of announcement of the liquidation.

Before the division of the assets, liquidators are obliged to prepare the financial statements on the day preceding the division of the asset between the owners. This liquidation statement has to be approved by the owners. Then liquidators announce the liquidation statement at the headquarters of the company and submit it to the commercial court along with the filing for the removal of the company from the court register.

The liquidators are obliged to provide accounting books and records of the dissolved company for safekeeping to the person indicated in the articles of association or the resolution of the shareholders.

At the same time the liquidators must notify the appropriate tax authority and provide it with a copy of the liquidation statement.

Once liquidated the company may be re-opened only in case the company’s assets will be discovered. Even if the company has been liquidated 100 years ago it may be re-opened if the new asset will be discovered.

Company cannot be re-opened if new company’s obligations will be discovered.