If you are considering closing your business in Estonia, the process can seem overwhelming. However, with the right guidance and knowledge, it does not have to be. In this guide, we will take you step-by-step through the process of liquidating your business in Estonia.
Step 1: Make the decision
Before you start liquidating your business, you need to make the decision to do so. This can be a difficult decision, but it is important to assess the financial health of your business and decide whether liquidation is the best course of action.
Step 2: Notify the relevant parties
Once you have made the decision to liquidate your business, you need to notify the relevant parties. These include your employees, shareholders and creditors. You must inform them in writing about the liquidation and the likely timetable.
Step 3: Appoint a liquidator
In Estonia, a liquidator is required to oversee the liquidation process. The liquidator is responsible for distributing the company’s assets, settling debts and completing all necessary formalities. You can appoint a liquidator from within your company or appoint an external liquidator. BBCTallinn can not only assist you with the liquidation process, but also act as liquidator for the company.
Step 4: Filing the documents
Once the liquidation plan is finalised, you will need to file the necessary documents with the Registrar of Companies. These include a notice of liquidation, the liquidation plan and other required documents. The insolvency administrator will handle this process on your behalf.
Step 5: Sell assets and settle debts
Once the documents have been filed, the liquidator will begin the process of selling the assets of the business and paying off the debts. The liquidator will follow the liquidation plan and distribute the assets and funds accordingly.
Step 6: Close the business
Once all debts have been settled and assets distributed, the liquidator will close the company. The liquidator files the necessary documents with the commercial register and informs the parties concerned of the closure of the company.
In summary, liquidating your company in Estonia can be a complex process, but one that can be completed efficiently and effectively with the right advice and support. BBCTallinn can not only assist you with the liquidation process, but also act as liquidator for your company. Contact us today to find out more.