Company Liquidation in Poland

Regardless of the whole variety of all possible causes to do so, someday a powerful motivation to liquidate a company in Poland might show up. These might be the following grounds to have a firm shut down in this Eastern European country:

• Bankruptcy 
• Stockholders’ resolution 
• The firm’s office has moved abroad
• A court verdict

If there is a firm intention to shut down the firm’s commercial acitivity, there’s no need to hurry up. Instead, one should take a closer look at the enterprise’s financial condition, debts, commercial activity alongside obligations. A thoughtful approach should help avoid unnecessary risks in the course of the winding-up routine.   

How to liquidate a limited liability company in Poland

Rules suggest that it’s up to stockholders to gather and decide on the winding-up of their enterprise. However, they don’t necessarily need to attend that gathering personally. Instead, a proxy may launch the winding-up routine. 

Company Dissolution and Liquidation in Poland

Once stockholders initiate the winding-up routine, it’s high time to move to the next stage. Liquidators representing the enterprise in the winding-up routine are assigned.  During winding-up, they substitute the firm’s managers.  They are often chosen from stockholders or top managers, while appointing a third-party receiver is real.    

How To Close A Company in Poland

When newly-appointed managers are ready to execute their duties, it’s time to have the national database informed about the beginning of the winding-up routine. As a firm owner, you require notifying the governing body of the upcoming process not later than seven days after the winding-up proclamation.  

Additionally, you require uploading a detailed inventory of the enterprise’s archived documentation, a verdict of the stockholders’ gathering, to say nothing of liquidators’ contact details. 

There’s another institution that needs to be notified of the legal procedure as well. It’s the Monitor Sadowy i Gospodarczy, Poland’s journal publishing such official notices. Exactly, from this journal, the lenders of your firm may learn about the winding-up and respectively may try to reach out to you with their issues for a 3-month term.    

Liquidation of a company in Poland: resolving issues with employees and lenders 

If you are shutting down a so-called “empty” firm that has never demonstrated any activity in the market, then it can be regarded as asset-free. It also has no invoices to pay, debts any other liabilities.  In most cases, firms have lenders and it’s up to receivers to resolve debt issues. If you have any, it’s up to your liquidators to determine a precise debt amount for each creditor and set a strict payment schedule. 

During business dissolution, a business owner is expected to timely notify his or her staff members of planned dismissals and also make all the necessary payments they can count on such as wages, and various compensations. If you fail to comply with it, you may end up facing tough consequences, including painful financial penalties from regulatory authorities, frustrating delays in the winding-up routine, lawsuits, and some criminal liability in the worst case. What’s more, it can completely ruin your business reputation and question any future activity.       

Starting balance of winding-up 

At this stage, a receiver closes and then has the firm’s docs reopened. Later, financial stat needs to be thoroughly prepared. That stuff needs to be sent to the corresponding directory. The start of the balance account would be another move.  

Those assigned for a winding-up routine stop the firm’s commercial activity, have the firm’s property wound up, and fulfill the enterprise’s obligations.  Furthermore, they require composing a report on what they have done during the winding-up routine alongside financial stat. The given docs are expected to be accepted by the stockholders’ gathering and then reported to the RFD.    

Concluding liquidation and reorganisation processes in Poland

Once the firm’s lenders really have no complaints and its funds are liquidated a final report should appear. As with the papers mentioned above, it should also be approved by the stockholders’ gathering.  Once again it should be transferred to the RFD.   

Then, a person to keep the firm’s documentation needs to be appointed. It is also high time to divide the assets still present after all settlements with lenders. These assets can’t be divided right now. One needs to wait at least half a year after the official proclamation of the company’s winding-up.    

The final phase involves excluding the firm from the register – a corresponding request is made. They also upload a copy of the winding-up report to the database site. The company’s exclusion from the database is a paid service. Once there’s a registry court verdict to have the firm excluded from the national database, it’s over.     

Lawyer liquidation in Poland

There’s no doubt that shutting down a firm in the Eastern state of the European Union is not an easy thing. It requires deep knowledge of regulations and a professional approach. Improper dissolution may generate a slew of problems, in particular, lawsuits, penalties, not to mention reputation issues. You can avoid that. Entrust this troublesome thing to skilled and experienced attorneys.