Transfer & Dissolve
When dissolving a company, various rules must be observed.
What must be observed in a liquidation process or in bankruptcy proceedings can be found here.
Liquidation process
Liquidation is called the procedure of dissolution of a company. All existing assets are converted into liquidity, i.e. cash. The liquidation process is thus a series of steps ranging from termination of business activity to the dissolution of the company. A liquidator, who may be officially appointed depending on the reason for dissolution, leads through the four stages of the liquidation process. Liquidation is not to be confused with bankruptcy proceedings.
Bankruptcy Proceedings
If a company is insolvent, the auditors must be notified. This checks whether there is actually an underbalance. If this is the case, bankruptcy must be filed with the district court. However, bankruptcy proceedings can also be filed by creditors. If the District Court decides to declare bankruptcy, this is published in the Liechtenstein Official Gazette. In addition, a call to creditors is published. This contains a deadline within which creditors can report their claims to the District Court. The liquidator, who can either be appointed by the court or can be appointed himself, is also instructed to draw up an inventory list. In this way, it can be determined how much substance is still in the company.
Employees
A company liquidation can have far-reaching consequences for employees. Information on insolvency compensation, dismissal/mass dismissal and unemployment insurance can be found here
Contact
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Central corporate service unternehmensservice@llv.li +423 236 69 00