Company Liquidation in Macedonia - Assisting Foreign Investors
Company Liquidation in MacedoniaUpdated on Friday 05th November 2021
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According to the Macedonian Company Law, there are two possibilities to liquidate a company, through the voluntary method decided by the business owners, or compulsory when it’s a competent Court’s decision. Our lawyers in Macedonia can provide legal guidance to entrepreneurs interested in closing a company in Macedonia. Our specialists have experience in this field and can assist you throughout the entire process, in order to align with the relevant legislation.
Steps for company liquidation in Macedonia
If the decision of company liquidation is taken by the company’s members during a general meeting of the shareholders or by the general meeting of the shareholders, they have to register it in the Macedonian Trade Register. Also any change in the process must be announced at the register in order to be registered. The following aspects highlight the company liquidation process in Macedonia:
- A liquidator is appointed by the Registration Court at the request of the shareholders. All his/her details including his/ her specimen with his notarized signature must be recorded at the Registration Court.
- The liquidator is replacing the former management and can take any decision in the name of the company as long as it can lead to the liquidation. It can conclude new businesses, sign new contracts and collect the company’s debts. It also must elaborate a balance sheet with all the company’s assets which can be used in order to cover the creditor’s claims.
- The announcement related to the company liquidation must be published in an interval no shorter than 7 days but no longer than 15 days.
- In this announcement are stipulated the conditions which must be respected by the creditors in order to fill their claims and the maximum term to deposit those claims.
- A report with the necessary actions which must be taken is also elaborated by the liquidator.
- If the process takes longer than a year, an annual account and a report of operations must be issued for every year for which the annual account was submitted.
It is important to note that all the company members must approve the company’s reports before any actions are taken. You should get in touch with our Macedonian lawyers for legal advice on this important topic.
Company creditors - what to do in case of closing a company in Macedonia
At the beginning all the creditor’s claims are covered. In certain cases, when the creditors fail to deposit their claims in the specific timeframe, the amount necessary for covering those must be deposited at the bank and kept until the moment when the claim is settled. After that, the remaining assets are distributed among the shareholders, following the regulations of the Company Law in Macedonia. One of our attorneys in Macedonia can provide complete guidance and information in this sense.
Closing the liquidation process of a firm in Macedonia
The last step of the company liquidation in Macedonia is the preparation of the application for the deletion from the Trade Register, a copy of the decision of releasing from the duty, the approved annual accounts and the last balance sheet. It’s the Registration Court’s decision where to keep the documents for at least 10 years. In certain cases, the copies of the documents may be released. Being an important stage in company liquidation process, a lawyer in Macedonia can offer in-depth legal advice and support for the above-mentioned documents.
How long does it take to liquidate a company in Macedonia?
The process of company liquidation in Macedonia can take from a few months to several years. The parties involved should note that the company’s documents must be kept for at least 10 years and if new company assets are discovered, the process of company liquidation in Macedonia can be reopened. In this case, a new liquidator can be appointed by a competent Court in Macedonia.
Compulsory liquidation of a company in Macedonia
When a company ceases its activities and is closed, by order of a court, this is called compulsory liquidation. In Macedonia, this method is allowed and comes into question when the company can no longer pay its creditors and/or does not register profits.
In such a situation, the shareholders can decide if it is necessary to reorient their activities or if it is time for the respective operations not to continue. The liquidation process of the company begins immediately with the decision taken by the court, followed by the appointment of a liquidator with experience in this case.
The specialized help of a lawyer in Macedonia is recommended in the case of compulsory liquidation in Macedonia in order to be able to understand what are the steps to follow legally and not only. Therefore, we invite you to get in touch with us and find out about our legal services in this case. Here are some more details about compulsory liquidation of a company in Macedonia:
- The company's assets are analyzed and, if necessary, they will be sold to pay creditors before the company liquidation in Macedonia.
- If some of the goods remain, they will be distributed among the shareholders.
- There are also situations in which the company does not operate with certified trading. Compulsory liquidation comes into play.
- Any creditor of that company can apply for compulsory liquidation in Macedonia.
Suspension of the company's activities in Macedonia
The situations in which the shareholders decide to suspend the activities can lead to the liquidation of the company with the compulsory method. This suspension can last for a year, and if the decision to re-establish the company with the activities on the market is reversed, the shareholders must check the legal procedures. More about company liquidation in Macedonia can be offered to you by our lawyers in Macedonia.
Can voluntary liquidation be supervised by the court?
Yes, liquidating a company voluntarily can come to the attention of the competent courts, especially if it involves creditors in this process. They must ensure that the loans will be paid on time immediately after the announcement of the company liquidation in Macedonia. And here also we mention the legal support offered by our lawyer in Macedonia, so do not hesitate to get in touch with us.
Can a company come back from liquidation in Macedonia?
Because the company practically no longer exists, it cannot be brought back to the market. Therefore, it is recommended to register another company, with the same activities if the shareholders decide so. However, there is the possibility to repurchase assets of former company including the name, if it is still valid. With the help of these assets, a new company can be established in Macedonia.
Macedonia, a safe business destination
Macedonia is an economically and politically stable country, and foreign investors appreciate these aspects before making an investment. In addition, it is important to mention that Macedonia offers an optimal business climate, excellent conditions for the development of activities in sectors such as manufacturing, tourism, IT, energy, and agriculture. Here are other interesting statistics about Macedonia:
- The total FDI in Macedonia in 2020 will be around USD 7.4 billion.
- The 2020 Doing Business report ranked Macedonia 17th out of 190 world economies in terms of business conditions in the country.
- The UK, Greece, Austria, and the Netherlands are among the largest foreign investors in Macedonia.
- The manufacturing sector absorbs most of the foreign investment in Macedonia.
- Foreign investment policies are attractive and offer a level playing field to both local and foreign investors.
Those interested in closing a company in Macedonia can contact our law firm in Macedonia for comprehensive assistance and legal advice. We are also at the disposal of entrepreneurs who want to start a business in Macedonia.