End of a company

Terminating an activity is done either through bankruptcy or on a voluntary basis. In both cases, there are a number of administrative issues that you need to take into account.

Bankruptcy

If a trader is no longer able to meet their payment obligations, they are in a state of bankruptcy, which should in principle be reported within one month. The Bankruptcy Act of 1997 offers a lot of protection for bankrupt natural entities and personal guarantors.

In order to handle a bankruptcy in a good way, it is advisable to hire a lawyer for this purpose.

Voluntary termination

There can be many reasons for terminating a commercial activity. There are major differences between the termination of a sole trader and the termination of a company. The latter must comply with the new liquidation procedure, which came into effect in 2006 and provides for, among other things:

• approval by the court to appoint the liquidator
• approval by the court of the distribution plan

We refer to our services to assist you in this.