The exit phase of a Polish company’s life cycle is a great challenge for a foreigners. Business entity liquidation and de-registration is a complex process. Professional assistance will save a lot of time and money. We support our clients in this field as well. The approach depends on various conditions, especially time limitation and the financial situation of the company.
There are three main options to close a business in Poland:
Company liquidation (winding-up, striking off) in Poland
- Preparation of necessary documents and resolutions on the commencement of liquidation and the appointment of a liquidator.
- Providing the appropriate person as a liquidator for the company.
- According to client’s instructions: closing all current issues, collecting debts, receivables, liabilities settlement and assets disposal.
- Preparation of all financial statements required in the process of liquidation.
- Preparation of all required shareholders resolutions and liquidator’s reports.
- De-registration of the company from the court and other authorities.
- Storage of liquidated company records for for the statutory period of time.
This procedure may take up to 9 months.
Transfer of company to PZC for liquidation
If time is important and Client cannot wait until the long procedure of liquidation is finished we can purchase the company from the Client for the purpose of liquidation. Then the Client can close its exposure fast and exit the investment. The company disappears from Client’s books as it is erased from Client’s balance sheet immediately. The purchased company would be then liquidated.
When the financial situation of the company does not allow the regular liquidation process we suggest our clients put the company into bankruptcy. Polish Bankruptcy Law is very complex and every detail matters. Thus it is essential for the client to be guided professionally through it. We can handle the whole process of winding-up a company in Poland; either acting as a proxy of the client or after purchasing the company for the purpose of bankruptcy.
- Analyzing the situation, selecting the appropriate court, sometimes changing the registered address.
- Providing a nominee director specialized in bankruptcy.
- Preparation of necessary documents, filing for bankruptcy.
- Cooperating with court liquidator and monitoring his actions.
- Monitoring actions of a magistrate in bankruptcy/judge commissioner.
Should you need any assistance in company liquidation in Poland feel free to contact us with your query. We will be more than happy to take care of striking off your Polish company.