Liquidation of a company

Termination of activity, closure and deletion of a company from the Commercial Register.

Termination of activity, closure and deletion of a company from the Commercial Register.

What does liquidation of a company mean?

The liquidation of a company is a process in which the following occurs:

  • 1
    The company ceases its operational activities.
  • 2
    The state authorities (NAS and NOI for the liquidation) are notified.
  • 3
    A deadline is given to all third parties to present their claims to the company.
  • 4
    If there is property, it is sold off.
  • 5
    A final accounting report for the company is being prepared.
  • 6
    The company is deleted from the commercial register and ceases to exist.
  • 7
    A tax return is submitted for the last accounting period (from 01.01 to the date of deletion of the company).

Do you have questions about the procedure or do you want to declare the liquidation of your company?

Contact us

Term of liquidation

The liquidation process of a company takes about 9 months. Most of this time is simply waiting for a deadline to pass or for assistance from a certain government agency.

Liquidator

From the moment the liquidation begins, the manager ceases to perform his functions and a liquidator is appointed in his place. The liquidator is usually the same person who was the manager, but there is no obstacle to being another person.

Notification to the NRA and NOI

In order for a company to be deleted, it is necessary that it has no public obligations. For this purpose, the NRA is notified, and the agency issues a special document.

Payrolls for the appointed employees are submitted to the NOI. Even if there are no employees or the documents are not kept, the NIO must still be notified and also issue a special document.

Sale of assets

If the company has any assets, they are sold off. In the vast majority of cases, there is absolutely nothing left in the company. Formally, the partners and the sole owner of the capital are paid a liquidation share, but in practice this does not happen. If there is retained earnings and it is paid out as a dividend or liquidation share, tax will be due.

How does the liquidation of a company happen?

  • 1
    The NRA is notified of the liquidation and has a period of 2 months to issue a certificate.
  • 2
    The beginning of the liquidation is entered in the Commercial Register. A liquidator is appointed.
  • 3
    An invitation is entered in the Commercial Register to the creditors, who have 6 months to file claims.
  • 4
    The NOI is notified of the liquidation within the first 30 days of the previous 6 months and the institute issues a certificate.
  • 5
    After 6 months from the entry of the invitation, the company is deleted from the Commercial Register.
  • 6
    Within 30 days of the deletion, a final tax declaration is submitted to the National Revenue Agency.

Can a company be liquidated with debts?

No. All debts must be discharged in the course of the liquidation. If the company cannot repay its debts, it goes into bankruptcy proceedings.

Do you have questions about the procedure or do you want to request registration?

Contact us

What our clients say

Trusted by hundreds of Bulgarian and international companies

Quality service where we create value

  • Quick and easy online communication that saves time
  • Strong tax, accounting and legal expertise
  • Plastic service according to the client’s goals and priorities
  • Professional accountants and lawyers with many years of experience
Качествено счетоводно обслужване
Anagami Digital Accounting

About Anagami

We are an accounting company with a focus on new technologies, digitization of documents, optimization of work processes, building and management of teams.

This is how we achieve flexible conditions and comfortable service for the customer in a time of digital transformation of business processes all over the world. Every month we work with over 500 Bulgarian and international businesses thanks to our team of 70+ highly qualified specialists in the field of accounting and business process administration. We build and manage accounting and back office teams for businesses based outside of Bulgaria and execute processes entirely according to the client’s order. We strive to always give more.

We serve entirely online. We are here to be an integral part of our clients’ businesses and contribute to their success through our work!

Learn more
0+
YEARS AVERAGE EXPERIENCE OF THE WHOLE TEAM
0+
PROFESSIONAL ACCOUNTING EXPERTS
0+
CUSTOMERS FROM ALL OVER THE COUNTRY AND ABROAD
0+
RESOLVED TAX AND ACCOUNTING CASES

Got a question? Contact us and we will respond shortly.

Send an inquiry

Let’s work together!

Contact us and we will immediately offer an accounting solution.



    I agree that the personal data provided by me will be used by AAAcounting Office Ltd to receive relevant information on your inquiry.

    Contacts

    Other services from Anagami

    Accounting services

    Payroll services

    Tax and legal consultations

    Building accounting teams

    Company registration

    Liquidation of a company

    VAT registration

    VAT deregistration

    Financial analysis and reporting

    Administration of Electronic Labor File