If we come to the conclusion that there is no point in continuing to do business, then liquidation proceedings should be carried out. The shareholders’ meeting takes place at the notary public, where the decision is made to dissolve the company and appoint its liquidator.
The liquidator of the company may be someone from the company’s former management board or any person indicated by the management board. It is safer to employ people with knowledge of the liquidation proceedings.
The conditions for bankruptcy law are already crucial in the liquidation process. It may turn out that after opening the liquidation process of the company, it turns out that we have at least two creditors and overdue receivables exceed three months, then we have 30 days to file for bankruptcy, despite the fact that the company is in liquidation. Finally, after 6 months from the date of announcement of the company’s liquidation in the Court and Economic Monitor, the meeting of shareholders may decide to remove the company from the National Court Register.