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How to Liquidate a Company in New Zealand

How to Liquidate a Company in New Zealand

It is essential to know the steps to liquidate a company in New Zealand if business operations are not playing out as planned in these challenging economic times. Sometimes, the most beneficial action to take is to close company operations to avoid accumulating further expenses. This makes liquidation a viable option for executives when reorganization or further capital injections are not feasible.There are various ways to liquidate, cancel and dissolve business in New Zealand. As a result, it is wise to appoint a trusted legal services specialist in New Zealand who can support you through the liquidation process.This article outlines the most significant steps on how to liquidate a company in New Zealand. There are several options to liquidate a company in New Zealand: voluntarily, by court order, through receivership or solvent liquidation. 1. Decision and method to liquidate A business can go into liquidation through several methods: Voluntary liquidationSolvent liquidationCourt-ordered liquidationReceivership. The liquidation takes immediate effect. The business must close, and its listing is removed from the Companies Office Register. 2. Appoint a liquidator A liquidator can be appointed by court order, Shareholder meeting, or by resolution of a company's creditors at a 'watershed meeting'. These meetings are for creditors to decide upon the future of the business. The appointed liquidator is responsible for managing the company’s unsecured assets, and must freeze them. They must then sell these assets to repay debts owed to creditors and shareholders. The liquidator...

How to Liquidate a Company in Colombia

How to Liquidate a Company in Colombia

Learn about the process to liquidate a company in Colombia and obtain the support of legal experts in Colombia to carry out the correct procedure. Colombia has been characterized for being an attractive destination for doing business. Its strategic position as the main gateway to Latin America and high reception to businesses in various industries makes the country an ideal point for expanding business. Whether due to external situations or operational or managerial complications, companies may choose or need to undertake liquidation procedures. However, not all companies established in the country achieve the expected success. Whether due to external situations or operational, managerial, or compliance complications, companies may choose or need to undertake liquidation procedures. Below, we outline the most important steps when liquidating a company in Colombia. Specific procedures must be followed before different government entities depending on the corporate purpose of your company. Steps to liquidate a company in Colombia Liquidating a company in Colombia is the process of closing operations for a company, paying outstanding debts and ending dealings with partners or shareholders with the company. It is a safe, legal and efficient way to withdraw from the Colombian market. Below, we offer a step-by-step guide on how to liquidate a company in Colombia. 1. Hold a general meeting of the shareholders  Depending on the type of company you own, you must hold a meeting in which shareholders approve the company’s dissolution and liquidation. The company must produce...

How to Liquidate a Company in Belize

How to Liquidate a Company in Belize

It is important to understand the steps on how to liquidate a company in Belize if you are considering exiting the market. As a small country in Central America experiencing positive, but slow, economic growth, companies may make the decision to close down operations.The liquidation process of a company in Belize is complex and undertaking the full and correct process can take time. There are various important steps and legal obligations you need to undertake to fully comply with the law along the way. You’ll need to engage with a local legal expert in Belize for assistance with this process. Find out what steps you’ll need to take to liquidate your company in Belize.  Overview of company liquidation in Belize Liquidation is the process of finishing operations and closing a business. The process includes distributing its assets to claimants. Liquidation is the process of finishing operations and closing a business. The process includes distributing its assets to claimants. It is an occasion that normally happens when an organization is insolvent, which means it can’t pay its obligations when they are expected to. As a company's operations end through liquidation, its remaining assets are utilized to pay creditors and shareholders. If the company does not have outstanding debts, then in theory the process should be faster. However, it is important to review the accounting documents (financial statements, balance sheets, annual statements) to fully understand the company's financial situation. Steps to liquidate your company in Belize According to current...

How to Liquidate a Company in Bolivia

How to Liquidate a Company in Bolivia

Find out how to liquidate your company in Bolivia and exit the market during challenging economic times. Currently, Bolivia has been working on improving its economic growth and reduce its inflation rate. Though there are many options and favorable conditions to do business in Bolivia, economic growth can be sluggish and business owners may decide to liquidate a company as final decision. To liquidate your business, it is important to know the right procedure to undertake it according to the country’s legal framework. The process to liquidate a company is a complex operation, and business owners will need to seek legal support from an expert to comply with all corporate obligations. Reasons for company liquidation The liquidation of a business may be for different circumstances pointed in the company’s bylaws and in the Royal Legislative Decree 1/2010 of the Law on Corporations, issued on 2 July 2010. This Decree highlights the key reasons to liquidate a company in Bolivia: General Shareholders’ Meeting Agreement, which must be registered and published.For the end of duration established in the bylaws.After one year since agreed the capital reduction below the legal minimum. Furthermore, the Decree outlines verification of legal cause to liquidate your Bolivian company, including: For the cessation of the corporate purpose’s activities.Due to the impossibility of achieving the corporate purpose.Due to stoppage of the corporate bodies.For losses that reduce net worth to less than half of the share capital.Capital reduction below the legal minimum.For other reasons...

How to Liquidate a Company in Panama

How to Liquidate a Company in Panama

Find out the necessary steps to dissolve and liquidate a company in Panama.  Because of the commercial benefits that Panama has to offer foreign businesses, the country supports one of the highest rates of newly established companies in Latin America. In 2019, 26,000 legal entities were established in Panama - an increase of 4.7% in relation to the companies established in 2018.  Despite the support Panama and its special economic zones offer business, companies may choose to exit the market through a liquidation procedure. Despite the support the country and its special economic zones offer business, companies may choose to exit the market through a liquidation procedure. A company in Panama might go into liquidation in the following cases:  Voluntary dissolve of the companyInvoluntary dissolve of the company by bankruptcy In Panama it's important to complete this process to end operations, to avoid governmental or commercial debts. If the process is not completed this would set a bad credit history for the company and its shareholders in Panama, and complicate further business in the country.  How to dissolve a company in Panama Before you can liquidate the assets of your company in Panama, you must first go through a dissolution process complying with all governmental authorities, The government entities responsible for the dissolution of a company in Panama are the:  Public registry (Registro Público de Panamá)National Tax Authority (Dirección General de Ingresos)Ministry of Commerce (Ministerio de Comercio e Industrias) - this is if the...

How to Liquidate a Company in Australia

How to Liquidate a Company in Australia

It is important to understand how to liquidate a company in Australia if your business operations aren't playing out as planned. Not every business project works out, and liquidation is one useful option for executives if reorganization or further capital injections aren't feasible. There are multiple ways to liquidate, cancel and dissolve established companies or branches in Australia. For each of these processes, it's wise to seek out a trusted legal services specialist in the country who can support your liquidation proceedings. When would you choose to liquidate your company in Australia? Liquidation can be a desirable option for directors who want to eliminate their obligations and liability for company activities and formally close operations. Liquidation is the right choice for your company if the firm: Cannot pay its creditors or its obligations to the Australian Taxation Office (ATO)Is too small (To save a small company, Voluntary Administration is too expensive)Has no assets, or not enough assets to keep doing businessIs trading at a loss, cannot recover from losses accumulated, in the past, or has stopped trading altogether. Liquidation can be a desirable option for directors who want to eliminate their obligations and liability for company activities and formally close operations. Different types of liquidation There are four basic types to liquidate your company in Australia: Creditors Voluntary Liquidation: This is the most common method of liquidating a company. Directors and shareholders declare the company insolvent and appoint a liquidator to carry out...

What is the Role of the Public Notary in Mexico?

What is the Role of the Public Notary in Mexico?

The Public Notary in Mexico plays an essential role in company formation and other processes. It's important that foreign executives expanding into the country understand the Notary's functions and when to use their services. Although the government is foreign business-friendly, Mexican law does mandate strict procedures when incorporating a company, in which a Public Notary plays a vital role.  If the company formation process is not followed correctly then this could lead to delays in beginning operations, and extra costs. Therefore, you will need to understand the functions of the Public Notary in Mexico and how it supports business expansion procedures. What is a Public Notary in Mexico? In Mexico, a Public Notary is an experienced attorney appointed exclusively by the Governor of State. In Mexico, a Public Notary is an experienced attorney appointed exclusively by the Governor of State. Their role is to sign and authenticate documents and provide legal advice as is necessary.  A Public Notary can authenticate the following documents: Powers of AttorneyCompany deedsBirth, marriage, and death certificatesBanking, insurance, and bonding documentsAssembly of minutes. A Public Notary is obliged to act in accordance with the ethical and moral principles outlined in Mexican law. What are the differences between a Public Notary in Mexico and the US? In the United States, a Public Notary is a person appointed by the government whose sole purpose is to witness and verify the signing of documents. They do not necessarily have formal legal qualifications. A Public Notary in...

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