Company liquidation: Procedure and important information

Liquidation is the process of closing a company in situations where the business has no outstanding debts to creditors. 

The process is initiated by the founder and, unlike bankruptcy, is simpler and faster.

Below is a detailed guide through the key steps of liquidation.

1. CERTIFICATION OF STATEMENT BY A NOTARY

The first step is to certify a statement with a notary confirming that the company has no outstanding obligations.

The founder undertakes that, within 36 months after the completion of the liquidation process, they will personally cover any obligations of the company if it is later proven that such obligations exist.

For foreign founders, the statement must be translated by a certified court interpreter.

2. ADOPTION OF THE LIQUIDATION DECISION

After the statement is certified, the founder adopts a Decision on Liquidation. This decision marks the official start of the liquidation procedure.

DURATION OF THE LIQUIDATION PROCESS

• The process usually takes between 7 and 15 days.
• After the procedure is successfully completed, the founder receives a Liquidation Decision from the CRPS in Podgorica.

SETTLEMENT OF OBLIGATIONS – A KEY REQUIREMENT

Before initiating the process, the company must settle all obligations to:

• the state (taxes and contributions),
• employees,
• suppliers and other creditors.

Unsettled obligations can significantly complicate or completely prevent the liquidation process.

Although liquidation may seem simple at first glance, it is essential to properly prepare all documentation and follow procedures. Professional support in this process can help avoid potential mistakes and speed up the entire procedure.

Our agency offers complete support – from preparing documentation to communication with the CRPS.

Schedule a free consultation today and ensure that your liquidation process is completed quickly, safely, and stress-free.