Liquidating a company in Italy
Limited liability companies and partnerships can be liquidated in certain circumstances related to company’s activity. You can liquidate the company if its term expires or when the goal of the business is accomplished or cannot be achieved. Liquidation can be a solution if you cannot develop further operation and the capital come below the minimum required by law. The company can also be liquidated rapidly by a board decision or the conditions from the Company’s Act.
Company liquidation is a legal procedure, so it cannot be done in just one day. You should have a registered office and an accountant who can handle the financial deeds through the whole period of liquidation and then you can start the procedure for dissolution.
Liquidating company with shareholders
Shareholders should meet at a public notary office and announce their intention to finish the company and the liquidator will be appointed. The company will remain in pending liquidation for a year until the taxes are paid and the creditors of the company recover their debts.
Company liquidation types
There are several types of company liquidation. There is a voluntary dissolution option which is not very expensive compared to liquidation. The problems may appear if the director of the company didn’t file the annual returns with the register and didn’t pay the taxes. In this case he can be fined. Another type of company liquidation is compulsory dissolution which means that the Court will take the decision based on a request of the creditors.