Company liquidation in Austria is the process through which a company is terminated. Our lawyers in Austria can oversee the process of closing a company and provide legal advice to persons interested.
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What are the methods through which a company can be closed in Austria?
- Voluntary,
- Compulsory.
What is the legislation on company liquidation in Austria?
Austrian Insolvency Code.
What are the stages of a voluntary liquidation of a company in Austria?
- the shareholders of the company in question must draft a resolution stating the liquidation of the firm,
- a specialized liquidator is then appointed,
- settling the debts and selling the assets to cover them are other important stages,
- then, the remaining assets are distributed to the company shareholders,
- the final step is the deregistration of the company from the Companies Register in Austria.
What happens to the creditors of a company found in the process of liquidation?
The company’s creditors are notified of the decision of liquidation in Austria.
Are employees notified of the company’s liquidation? What does this involve?
Employees should be notified at least as per their notice period in the contract of employment, and their final wages must be paid.
Can a company in Austria be closed online?
Yes, this is also another possibility. We suggest that you reach out to our Austrian lawyers for in-depth legal advice.
Are there any tax obligations when winding up a company in Austria?
Yes, all taxes must be paid. In this sense, a tax clearance certificate is issued by the Austrian Tax Office.
Is there a difference between dissolution and liquidation of a company?
Yes. While dissolution is the legal decision by the company’s shareholders to close operations, liquidation is the process itself.
IMPORTANT: The company is officially closed only when it is erased from the Austrian Companies Register.
Are there any specific requirements for liquidators?
- a liquidator can also be the company director if appointed by the shareholders,
- there is also the possibility for the court to appoint a liquidator.
How long does it take to liquidate a company in Austria?
The liquidation of an Austrian company may take from six months to several years, depending on the claims to be settled and the number of outstanding liabilities.
Are there any extra requirements or facts to consider when closing a company in Austria?
- the resolution stating the company will be closed must be notarized,
- the creditors must be notified as soon as the decision to wind up the company is made.
In addition to legal assistance for company liquidation in Austria, our specialists can also help you in other areas of interest. For example, our immigration lawyers in Austria can handle the relocation formalities for relocation to Austria. Moreover, they can help obtain residency in Austria for those interested, or even Austrian citizenship for those already established in this country. For more details, you may contact our law firm in Austria.