This article is about the liquidation procedure of the Polish LLC (spółka z ograniczoną odpowiedzialnością). Are you interested in this case? Let us show you how it works in Poland before you contact us!
1. Resolution on the opening of liquidation
This is the initial step of the liquidation process. All of the shareholders should agree on the termination of the company. The resolution is adopted by the shareholders at the notary, so the presence of each is obligatory unless you want to appoint a proxy.
2. Appointment of liquidators
3. Application to the court and calling the company’s creditors
In addition, the opening of the liquidation process shall be reported to the registry court. At the same time it is very important to submit the notification to the Court and Economic Monitor with the announce for company’s creditors. This notification shall inform that in next 3 months from publishing the announcement, they can submit their claims against the company.
4. Opening liquidation balance sheet
It should be prepared and approved by the shareholder’s meeting. After that it should be submitted to the court.
5. Liquidation activities
- closing all current issues
- collecting all company’s debts
- fulfilling its obligations
- liquidate the company’s assets
6. Division of assets
Meanwhile, liquidators shall end all of the company’s business including all of debts and any other issues from point 5. Not earlier than 6 months after opening the liquidation process, the funds could be divided between the shareholders.
7. Finishing the liquidation of spółka z o.o.
First of all – the shareholders' meeting should approve the liquidation report. After that, the company should submit the application to the court regarding finishing the liquidations process and striking from the register. This is the last step and the company ends its existence.
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