Dissolution and liquidation of companies

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Dissolution and liquidation of companies

The company dissolution and liquidation service is a legal process that is carried out when a company decides to end its activities and close down definitively. This action is taken for various reasons, such as financial insolvency, business reorganization or lack of profitability. In Colombia, there are several requirements and procedures to follow in order to dissolve and liquidate a company.

The company dissolution and liquidation service includes a series of activities that are carried out at different stages of the process. First, a dissolution act must be drawn up, which establishes the decision to terminate the business activities and appoints a liquidator to carry out the liquidation process.

Subsequently, a detailed inventory of the company’s assets and liabilities is carried out in order to determine their value and liquidate them. This process includes the identification of creditors and the preparation of a payment plan, which establishes the order of priority in which debts will be paid.

In the liquidation stage, the company’s assets, such as real estate and personal property, are sold in order to obtain resources for the payment of debts. In the event that the resources obtained are not sufficient to cover all debts, the Company proceeds to the partial liquidation of the debts, in accordance with the established payment plan.

Finally, once all the assets have been liquidated and the corresponding debts have been paid, a closing deed is drawn up, which establishes the completion of the dissolution and liquidation process of the company.

In summary, the service of dissolution and liquidation of companies is a complex legal process that includes several stages, from the preparation of the dissolution act to the sale of assets and the payment of the corresponding debts. It is important to have an expert in the field to ensure that all legal procedures are followed and that an effective and efficient liquidation is carried out. If you need advice on this matter, do not hesitate to contact us to offer you the best legal advice in Colombia.

Stages of the procedure

Drawing up of the dissolution act of the company, which establishes the decision to definitively close the business activities and appoints the liquidator in charge of carrying out the liquidation process.
Identification of the company’s assets and liabilities, including the preparation of a detailed inventory, in order to determine their value and be able to liquidate them.
Identification of creditors and preparation of a payment plan, which establishes the order of priority in which debts will be paid.
Publication of a liquidation notice in a newspaper of national circulation and in the Commercial Registry, to inform creditors about the liquidation process.
Sale of the company’s assets, such as real estate and personal property, in order to obtain resources for the payment of debts. This stage includes the preparation of sales contracts and the delivery of the goods sold.
Payment of the corresponding debts, following the established payment plan and in accordance with the established order of priority.
Partial liquidation of debts, in the event that the resources obtained are not sufficient to cover all debts.
Elaboration of the company’s closing of the company, which establishes the completion of the liquidation process.
Obtaining the Certificate of Liquidation.

It is important to note that the process of dissolution and liquidation of companies may vary depending on the type of company and its specific regulations. Therefore, it is essential to have an expert in the field to ensure that all legal procedures are followed and that an effective and efficient liquidation is carried out.