Liquidation is the procedure for concluding the affairs of a company which is no longer required, or which cannot continue by reason of its insolvency. A Voluntary Liquidation is decided upon by the shareholders who, at the same time, appoint a liquidator. If a liquidator is not appointed by the general meeting, the directors apply to the Court for the appointment of a liquidator.
The liquidation process involves the closing of the accounts up to the liquidation date, coordinating with audit professionals to have all pending audits submitted and all tax returns filed, and appointing a liquidator to have the company dissolved and eventually struck off the registry.
ARQ can take care of the following liquidation requirements:
- Compilation and submission of documentation to the RoC (within 14 days from liquidation date)
- Resolution signed by shareholders
- Form B1 – Notice of liquidation
- Form B2 – Declaration of solvency signed by the directors (with a Balance Sheet)
- Form L – Appointment of liquidator
- Notice to publish in daily newspaper
- Liquidation of any assets and payment of any remaining creditors (in liaison with client)
- Confirming with IRD, ROC, VAT that there are no pending balances (these must be settled)
- Preparation of liquidation accounts
- Compilation of the tax return for the year in which the liquidation accounts are prepared
- Submission of liquidation accounts and scheme of distribution to RoC (within 7 days from liquidation accounts date)
- Application with RoC for strike off from companies register
- Application with IRD for tax clearance and follow up