The law on simplified business liquidation has been adopted

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According to the new law, companies with the
status of small and medium-sized enterprises will have the opportunity to
liquidate by submitting just one application. In the application, it will be
necessary to confirm that the legal entity has repaid all debts and submitted
the necessary reports. Thus, it will greatly simplify the procedure of
voluntary liquidation for small companies.

The application for liquidation will be considered
within 5 working days, there are several conditions for obtaining a positive
decision from the tax service:

• included in the register of SMEs;

• does not have to pay VAT or is exempt from
paying tax;

• paid off creditors and employees, has no debts
on mandatory payments;

• does not own real estate and vehicles;

• does not go bankrupt and is not in the stage
of liquidation or reorganization, is not excluded from the register of legal
entities by the decision of the tax service;

paid off debts on taxes, fees and

• has no record in the Unified State Register
of unreliability of information;

If all the conditions are met, the tax
inspectorate makes a record of the planned liquidation and carries out the
remaining necessary procedures (makes a publication in the publication
“Bulletin of State Registration” and notifies creditors). If claims
from creditors are not received, the organization is excluded from the Unified
State Register of Legal Entities.

The authors of the initiative believe that the
innovations will simplify the process of closing a business for bona fide

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