Related services

Voluntary liquidation of companies without bankruptcy

Support for the voluntary liquidation of a company, from analysis to state registration of termination in the Unified State Register.

Voluntary liquidation is possible when a company’s assets are sufficient to pay all creditors. If during liquidation it turns out that creditors’ claims cannot be satisfied in full, the law requires an application to the commercial court to open bankruptcy proceedings (Civil Code of Ukraine, Articles 110–112; Code of Ukraine on Bankruptcy Procedures).

So the work starts with an analysis of whether liquidation without bankruptcy is possible in your case or whether bankruptcy is the better route.

Stages

AnalysisAssessment of assets, liabilities, tax history and pending disputes; conclusion on whether voluntary liquidation is possible.

Liquidation decisionDrafting the shareholders’ decision, appointing the liquidation commission (liquidator), setting the procedure and time limits.

RegistrationEntering the decision to terminate into the Unified State Register, after which creditors may lodge claims.

Creditors’ claimsThe period for lodging claims is at least two months from publication of the termination notice. Inventory, recording and review of claims.

AuditsSupport during tax audits, closing accounts, deregistration.

Balance sheetsInterim liquidation balance sheet, settlements with creditors, final liquidation balance sheet.

TerminationFiling documents and state registration of the company’s termination.

ArchiveTransfer of documents subject to storage to the archive.

Documents

constitutional documents and an extract from the Unified State Register;
shareholders’ decision on liquidation;
information on accounts, assets and liabilities;
accounting and tax reports for recent periods;
list of creditors and debtors and contracts with them;
HR documents (if there are employees).

The final list is determined after the analysis.

FAQ

How long does liquidation take?

The minimum is set by the claims period of at least two months. The total depends on tax audits, the number of creditors and the state of the records.

What if there is not enough money to pay creditors?

Then voluntary liquidation is not possible: the liquidation commission must apply to court for bankruptcy, and bankruptcy proceedings are considered instead.

Is a tax audit mandatory?

Whether an audit is carried out is decided by the tax authority under the Tax Code of Ukraine. Support includes preparing for the audit and dealing with the authority.

Can a company with debts be liquidated?

Yes, if its assets are sufficient to pay all creditors in the established order of priority. Otherwise bankruptcy is required.

The information on this page is general and is not legal advice. Procedures and time limits depend on the specific situation and the legislation in force at the time.

Describe your company’s situation and we will assess whether liquidation without bankruptcy is possible.

Get in touch