A Dutch client of M-Legal (provider of heavy machinery leasing services) decided to liquidate its Russian subsidiary. M-Legal was engaged to support the liquidation procedure.

The client adopted a resolution on liquidation, a senior-level lawyer of M-Legal was appointed to manage the Russian company during liquidation (“liquidator”).

The liquidator informed the tax authorities and creditors on the start of liquidation. The information on liquidation was recorded in the Russian trade register and the creditors had two months to claim their receivables to the company.

M-Legal organized the collection of payables from the debtors and payment of invoices to the creditors. Shareholders released the company from its obligations and provided with money necessary for liquidation. Personnel was dismissed, contracts terminated.

After the settlements with creditors and debtors, the liquidation balance of the company was approved. The money remaining in the company’s accounts were sent to shareholders, bank accounts closed, finish of liquidation registered in the Russian trade register.

Please feel free to contact M-Legal to start, reorganize or finish your business in Russia.