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Liquidation of JSC

Liquidation of OJSC in Minsk

Such a variety of legal procedures as the liquidation of an OJSC can be carried out through reorganization, through sale, as well as through bankruptcy. The liquidation of an JSC is possible in the following cases:

  1. The legal entity has no profit for an extended period of time.
  2. The organization does not have the necessary license to carry out its activities.
  3. The legal entity went bankrupt.
  4. The activity of the organization is illegal, that is, it completely or partially contradicts the legal norms that are established by national regulatory legal acts.
  5. The activity license was invalidated by the relevant authorities.
  6. The organization has achieved its goal and does not want to continue its activities.
  7. The organization did not actively conduct its activities for two or more years.

The procedure for the liquidation of JSC

The liquidation of an JSC can be carried out in the following order:

  1. Voluntary procedure for the liquidation of JSC.
  2. Compulsory procedure for the liquidation of an OJSC in accordance with the decision of the registration authorities.
  3. Compulsory liquidation of an OJSC in accordance with the decision of the judicial authorities that deal with cases related to the economy.

In case of liquidation of an Open Joint Stock Company on a voluntary basis, the decision to do so is made by those people who act as founders of the organization. Those people who act as owners of an open joint stock company can control each of the stages of this type of legal procedure. If an Open Joint Stock Company is liquidated on a voluntary basis, then neither the judicial authorities involved in the consideration of cases related to the economy nor the registration authorities can interfere in this process in accordance with the legal norms established by the current legislation of the Republic of Belarus. The basis for the termination of the activities of the Open Joint Stock Company in this case may be any.

As a basis for the liquidation of an OJSC forcibly by a decision of the judicial authorities that deal with cases related to the economy, the legal entity may not have the license necessary for the organization to be able to carry out its activities, as well as the bankruptcy of an Open Joint Stock Company.

As a basis for the liquidation of this type of organization forcibly by the decision of the registration authorities, the organization may have a large debt to the Ministry of Taxes and Duties, as well as not carrying out its activities for more than two years.

The procedure for the liquidation of an JSC is as follows. First, the legal entity makes a decision on liquidation. Then a liquidator is appointed, whose tasks include monitoring the collection and informing the creditors of the organization. Next, an inventory is carried out, and the liquid balance of the liquidated organization is also compiled. The final stage is the closure of absolutely all accounts that have ever been opened by a legal entity, the provision of the necessary documentation to the registration authorities, the exclusion of open-type JSCs from the Unified State Register of Legal Entities.

Thus, an Open Joint Stock Company can be liquidated on a voluntary basis if it does not receive income for a long time. If the OJSC does not have the license necessary to carry out its activities, the organization has a large debt to the Ministry of Taxes and Duties, or its activities are contrary to the current legislation of the Republic of Belarus, the OJSC is liquidated forcibly by decision of the registration or judicial authorities involved in the consideration of cases related to with the economy.

For professional legal advice, call +375291102388 or e-mail: info@legaltime.by.

Service Price
Liquidation of a commercial organization From 1000 Euro (€)

 

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