IGA Group provides clients with an expert, cost-effective and confidential advice on company liquidation procedures. Through years of experience and knowledge we have built strong relationships and partnerships with professional audit firms which can coordinate the dissolution of Maltese companies in a timely manner.
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. On a number of occasions a Voluntary Liquidation is decided upon by the shareholders who, at the same time, appoint a liquidator. If for any particular reason, a liquidator is not appointed by the general meeting, the directors shall revert to the Courts for the appointment of a liquidator. The assets of the company will then be realised and the proceeds distributed. The law states that any company’s liabilities must be paid first, any remaining surplus will then be distributed to the shareholders. If the assets are insufficient to pay the company’s liabilities in full, the company is insolvent so creditors will only be able to receive part payment.
The liquidation process is very thorough, and it involves the closing of the accounts up to the liquidation date and coordinating with audit professionals to have all pending audits submitted and all tax returns filed. A crucial part of the liquidation process is that of appointing a liquidator to have the company dissolved and eventually struck off the company registry.
Together with our partners and in collaboration with the appointed liquidator we can take care of the following liquidation requirements:
• Compilation and submission of documentation to the Malta Business Registrar (within 14 days from liquidation date) to put company into liquidation:
• Extraordinary Resolution signed by shareholders and appointed liquidator;
• Form B (1) – Resolution Notice for dissolution and voluntary winding up;
• Form B (2) – Declaration of solvency signed by the board of directors;
• Form L – Signed by the liquidator;
• Notice in the Government gazette or on a website maintained by the Registrar announcing the striking off of the company’s name for a period of three months;
• Liquidation of any assets and payment of any remaining creditors or payments to IRD, Malta Business Registrar, VAT;
• Drawing up all Entity accounts, from liquidation date till date of distribution;
• Filling of tax return for the year by which the liquidation financial statement, accounts are prepared;
• Submission of liquidation accounts and scheme of distribution to Malta Business Registrar (within 7 days from liquidation accounts date);
• Deregister for VAT and deregister the company’s PE number by filing the required documentation with the VAT department, Inland Revenue Department and Jobsplus.