Procedure of dissolution.
In the decision of dissolving the enterprise the procedure and terms in which the dissolution will be made is established, the deadline of submitting claims by the creditors, which has to be not less than 2 months from the moment of publication in the Official Journal of the Republic of Moldova of the notice on dissolution.
The decision on dissolution of the respective enterprise due to the expiration of the term for which it was created or due the attainment of the goals for which it was founded is made by the founders (associates) in the way provided by the present article, the creditors being announced 3 months prior to the expiry of the duration of the enterprise or immediately after the attainment of its goals and after the publication in the Official Monitor of the Republic of Moldova of the notice on dissolution.
In case of bankruptcy, the enterprise is dissolved by decision of the court in accordance with the Law on bankruptcy.
The dissolution of the enterprise is made the dissolution committee or by the person in charge of the liquidation, or by case by the court.
The liquidation committee (company liquidator) publishes in the Official Monitor of the Republic of Moldova the information about the dissolution of the enterprise, the procedure and the terms in which the dissolution will be made, the deadline for submitting claims by the creditors, as well as evaluates the actives of the enterprise (goods and all patrimonial obligations towards the enterprise that is being dissolved), determines the claims of the creditors, by communicating them about the dissolution of the enterprise, takes measures for the collection of the debtor’s debt.
After the expiry of the term of submitting claims by the creditors, the liquidation committee (company liquidator) presents for approval to the body (person) which founded it the Minutes of evaluation of the actives of the enterprise, the list of claims submitted by the creditors and their amount, as well as the result of their examination. These documents are approved by the founders (associates) of the enterprise and the court that took the decision of dissolution and are brought to the knowledge of each creditor.
If the process of dissolution of the enterprise it is found that its debts exceed the actives, due to which reason the enterprise is not able to execute the claims of the creditors, the founders (associates) are required to file an action to court on the opening of the bankruptcy procedure or to annul the decision on the dissolution of the enterprise.
The liquidation committee (company liquidator), after the execution of all claims of the creditors, makes the liquidation record and submits it, at the same time when giving the remained goods of the enterprises to its founders (associates), to the court, though which decision it was created.
The above is intended to provide a brief guide only. It is essential that appropriate professional advice is obtained. Our office will be glad to assist you in this respect. Please do not hesitate to contact us.