Liquidation

One of the road's of the firm's ceasing wothout a legal successor is the liquidation, when the liquidator is the firm's representative. The aim of the procedure that in the course of the firm's ceasing without a legal successor, is let the creditors obtain satisfaction in the largest measure. The liquidatorchecking the firm's financial situation, collects his outstanding debts, markets his property. During the liquidation the debtor can compound with the lender, in this case the firm may continue to work. In an opposite case, the firm closes down and it is deleted from the trade register.

Voluntary dissolution

If the firm is easing without a legal successor, but not insolvent, there is voluntary dissolution shall. The aim of the procedure is let the creditors obtain satisfaction totally. Everybody lender who the firm owes and can justify it with documents to the liquidator. Detail rules for the procedure the Ctv. holds.

Asset management

The procedure only in case of the firm's ceasing it's possible, and the property was the firm's own before the ceasing. The procedure not legal proceedings, detail rules for the procedure the Pp. holds. The asset management. The procedure is performed by the firm's adress competent court. The proceedings may apply to the former executive, or one of the creditors. The applicant must give information about the firm and the property to complete the procedure.

Bankruptcy proceedings

The bankruptcy rules entirely to the Bankruptcy Act are laid down in. As opposed to the liquidation, the aim of the bankruptcy proceedings not the firm's ceasing. The aim is, that let the firm get a moratorium for the direction of his debts. During the moratorium's 90 days, the company must restore the operation and financial position. The successful procedure ends with agreement, and the firm may continue to work.