Voluntary liquidation
Lawful wind-up of a company from the decision to deregistration from the company register — accounting, tax and legal tasks under tight deadlines. We keep the whole procedure in hand.
Overview
An orderly wind-up, with the process checked throughout
Where running the company is no longer justified and no change is expected in future, voluntary liquidation is the orderly way out. It is available if the business can settle its debts by their due dates, that is, if it is not facing insolvency.
Voluntary liquidation is a complex, multi-stage process: accounting, tax and legal tasks, dealings with the authorities and reporting to the decision-making body all run in parallel. The deadlines are fixed and the sub-tasks build on one another, so the order and the documentation matter at least as much as the content of the individual statements.
Our firm undertakes to conduct the whole voluntary liquidation procedure and to act as representative, as well as to perform all the bookkeeping and tax tasks arising during it. If the company needs professional support for only part of the work, we can be brought in for that too.
What we do
The accounting and tax tasks of a voluntary liquidation
We carry out the following tasks, or prepare them for the decision-making body.
- Obtaining certificates. We request the certificate of the pension insurance authority and the tax authority confirming that the data of the company’s insured persons has been handed over.
- Closing financial statements. We prepare the closing financial statements and the related tax returns, and arrange for the statements to be published by the deadline.
- Handover. We organise the data on pending legal and litigation matters, of which the former management must inform the liquidator.
- Informing employees. We prepare the measures following from the decision-making body’s resolution and the information to be given to employees.
- Opening balance sheet of the liquidation. After the start date we prepare the opening balance sheet of the liquidation within the statutory deadline.
- Asset survey. We assess the company’s financial position, assets and results, and take steps to collect outstanding receivables.
- Handling insolvency. If the assets do not cover the creditors’ claims, we prepare the application for liquidation proceedings to be ordered.
- Ongoing bookkeeping and returns. Throughout the procedure we keep the books and prepare and submit the periodic returns on time.
- Closing balance sheet and final report. We compile the closing balance sheet, the narrative final report and the asset distribution proposal, and submit them to the decision-making body.
- Representation and administration. During the procedure we act as representative and handle matters with the authorities and the court of registration until deregistration.
Frequently asked questions
What is worth knowing in advance
When can voluntary liquidation be chosen?
When the company can settle its debts by their due dates, that is, when it is not insolvent. If it emerges during the procedure that the assets are not sufficient to satisfy the creditors’ claims, the voluntary liquidation cannot continue: an application must be filed for liquidation proceedings to be ordered.
Why is accurate bookkeeping especially important in this period?
During the procedure, information on the company’s assets becomes far more important — the opening balance sheet, the asset survey, the closing balance sheet and the asset distribution proposal all rest on it. Incomplete or inaccurate records lengthen the procedure and force reconciliations after the event.
Do you take on the whole procedure, or only parts of it?
Both are possible. We undertake to conduct the entire voluntary liquidation and to act as representative, but we can also be brought in where the company needs professional support only for the accounting, tax or documentation tasks.
How long does a voluntary liquidation take?
In simpler cases a few months, but the actual duration depends on the composition of the assets, the contracts in progress and any tax authority audit. We agree the timetable at the outset and tell you in advance what comes next at every step.
What financial statements must be prepared in a voluntary liquidation?
When the voluntary liquidation begins, closing financial statements are prepared; during the procedure financial statements are prepared for each business year; and at the end there are final financial statements with an asset distribution proposal. We prepare all of these together with the related tax returns.
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Professional support in insolvency proceedings, on the debtor and the creditor side alike.
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Statutory and voluntary audits and due diligence, under the responsibility of a chamber-registered statutory auditor.
Details
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Planning a voluntary liquidation?
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