Liquidation is the orderly way to close a company that is no longer trading, without leaving obligations hanging over the founders and the manager. The law office of Goran Iliev in Skopje handles the procedure from the decision to cease operations through to removal from the Central Registry.
Liquidation is a voluntary procedure for closing a company able to settle its obligations. Bankruptcy applies where the company is insolvent or over-indebted, and follows different rules with different consequences.
During liquidation, obligations to creditors are established and settled. Any remaining assets are distributed to the members. This is precisely why liquidation is not merely a formality.
A dormant company still carries statutory obligations. Failing to meet them can lead to further costs and to manager liability, so an orderly closure is usually preferable.
The procedure has several stages and statutory deadlines, including a period for creditors to submit claims, so it takes longer than registering a company.
