Company Liquidation & dissolution

fit to all sizes and types of companies within the island.

Liquidation Services

IGA Group provides clients with a conscience of the timely requirements, cost-effective and confidential advice on company liquidation procedures. Through the number of years we have built and sustained the necessary experience & the relationship with professional audit business partners 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 than be realised and the proceeds are 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.

Liquidation Process

The liquidation process is very thorough, it involves the closing of the accounts up to the liquidation date, coordinating with audit professionals to have all pending audits submitted and all tax returns filed and finally appointing a liquidator to have the company dissolved and eventually struck of the registry. With the below of IGA Group in tandem with the liquidator we will 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 liquidator appointment.
• 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 with IRD, Malta Business Registrar, VAT.
• Draw up all Entity accounts, from liquidation date till date of distribution.
• Filling of tax return for the year by which the liquidation financial statment, 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 in the required documentation with the VAT department, Inland Revenue Department and Jobsplus.