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Company Liquidation in Slovakia

Updated on Tuesday 16th May 2023

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Company Liquidation in Slovakia
 
Liquidation is the process through which a company legally closes its operations under specific circumstances. In Slovakia, there are several phases through which a business must go before being liquidated or terminated.
 
Below, our company formation agents in Slovakia explain the procedure behind the liquidation of a business. If you are in this situation, you can rely on us for company liquidation support.
 

Situations that lead to company liquidation in Slovakia

 
Company liquidation falls under the regulations of the Slovak Company Law which provides for the following situations in which it can occur:
 
  • - the business has been created for a limited period of time that has reached its end;
  • - the company has been sold (taken over) and it must be stricken off from the Trade Register;
  • - the entity will be moved to another country, or it has come to a fulfillment of its obligations on the Slovak market;
  • - the company is in debt which can no longer be paid and is required to terminate its activities, sell its assets and pay the creditors.
 
Depending on the situation, there are two scenarios company dissolution in Slovakia can be completed under:
 
  • - voluntary;
  • - mandatory.
 
Our Slovak company registration agents can offer detailed information on each situation in particular.
 

Company liquidation steps in Slovakia

 
The dissolution procedure is a lengthy one, as there are several steps to be completed before a company ceases to exist. Here they are:
 
  1. drafting financial statements that reflect the state of the business;
  2. convening a special general meeting of the shareholders during which the decision to terminate the business must be adopted and recorded;
  3. notifying the Commercial Register and registering the company's liquidation;
  4. notifying the Social Insurance Agency, the Tax Office, and the Health Insurance Companies about the termination of the company;
  5. filing for an authorization to have the business struck from the Trade Register;
  6. having the company deleted from the Companies Register’s records.
 
These are general steps that can be adapted based on whether the liquidation procedure is voluntary and mandatory.
 
Our agents are at your service if you want to terminate or set up a company in Slovakia.
 

Voluntary company liquidation in Slovakia

 
Voluntary liquidation implies the procedure in which the shareholders decide to terminate their operations based on one of the situations presented in the first part of the article. In this sense, they must gather during a special meeting and vote for the ceasing of the company. They must then appoint a liquidator (who can be one of the directors or an independent contractor) who will start notifying all authorities about the dissolution.
 
Voluntary company dissolution in Slovakia can be completed with the help of our specialists.
 

Mandatory company dissolution

 
In the case of a mandatory liquidation procedure, the court rules on the termination of a company’s activities. In such cases, creditors are the ones filing for liquidation as a consequence of debts registered by the respective businesses with them.
 
In such proceedings, the liquidator is appointed by the judge.
 
Mandatory company liquidation in Slovakia can be more time-consuming, which is why you can rely on our experts if you need tailored advice.
 

Timeframes to consider in Slovak company liquidation procedures

 
When it comes to how long it takes to liquidate a Slovak company, here are the main aspects to take into account:
 
  • - after the liquidation decision, the notification to the Trade Register and Tax Agency must be filed within 30 days;
  • - other authorities must be notified of the same decision within 8 days from filing the liquidation request with the Companies House;
  • - the minimum duration of the procedure is 6 months while there is no maximum time it can take.
 
If you need support in filing for company dissolution in Slovakia, feel free to contact us.
 
 
 

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Call us now at +421 915 980 808 to set up an appointment with our consultants, who are handling company formation in Slovakia. Alternatively you can incorporate your company without traveling to Slovakia.

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