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Liquidation of firms

Legal consultations and assistance when liquidating firms – voluntary or forced

Liquidation of firms is the last stage of the existence of a firm. Legally the liquidation is regulated by the Commercial Law. All the procedures, which are necessary to be undertaken in order to start the liquidation as well as the respective time limits, in which the process of liquidation of a firm is accomplished are described there.

The liquidation of firms starts when terminating merits occur. These merits are different for the different forms of firms. Liquidators are appointed and their names are entered in the Commercial Register and specimens of their signatures are enclosed. From this time onwards the liquidators represent the company till the firm liquidation process lasts. In the process of firm liquidation the company dispenses of the available property and pays off its debts towards the creditors.

Before the liquidation process begins the business activity of the company is ceased. Collecting of the takings and paying off the debts of the firm, which is subject to liquidations, begins. After the time period during which the liquidation process lasts and which is determined by the law elapses the firm is obliterated. A petition for terminating the firm and its deleting from the Commercial Register is submitted. All firms subject to re-registration and which do not re-register by 31.12.2011 are officially declared by the authorities to be in liquidation and they are obliged to pay the respective fines and sanctions.

Liquidation is preceded by insolvency procedure in part of the cases. The latter arises when it becomes impossible for the firm to pay off its debts towards the creditors. The creditors collect their takings by opening an insolvency procedure. Lawyer Ilonka Kovacheva will provide you specialised legal help during the insolvency procedure.

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The liquidation is a complex and sometimes difficult process. In order to completed it without any problems for representatives and owners of the liquidated company it is necessary the liquidation to be accomplished by lawyer who will provide the needed legal help, assistance and protection.

Lawyer Ilonka Kovacheva will provide highly qualified legal help and assistance in the course of whole process of liquidation of your firm by explaining all legal circumstances and your possible legally substantiated actions and reactions which guarantee protection of your interests.

Do not leave anything to chance.

Do not hesitate to contact us!

Lawyer Ilonka Kovacheva will answer all your questions.

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