Dissolution is the process through which a company is terminated. It is part of the overall liquidation process and, in general, this dissolution or final termination of the company is the final stage. Our lawyers in Austria can oversee the process and offer legal advice on request.
On the other hand, those interested in immigration to Austria can talk to our specialists. We have a dedicated team of immigration lawyers in Austria who can offer legal advice.
An Austrian legal entity can be liquidated as a consequence of a decision taken by the members of it or by a decision of a competent court, at the request of creditors or of its shareholders. The process is coordinated by a liquidator appointed voluntary (by the members of the company) or compulsory (by the court).
The law governing this process is the Austrian Insolvency Code. One of our lawyers in Austria can give you complete information about the Code and the business reorganization principles applicable to Austrian legal entities.
Closing a business in Austria will require several steps that mainly focused on ending business contracts, terminating licenses and, most importantly, satisfying the creditor debts. Below are several steps investors need to make sure they complete before the business is terminated:
The decision of closing a company in Austria is taken through a shareholder’s resolution. After this step, the company and the appointed liquidator should collect the outstanding accounts payable and proceed with announcing the liquidation of the company. The early stages will also include the termination of all company leases for property, offices, and others. The liquidator will take all the measures necessary for the cancelation from the Commercial Registry and the payment of the claims. The appointed individual can be replaced by a committee of liquidators if there is a general partnership involved (in the case of partnerships, the general partners can be appointed to represent the entity’s interests during the process).
Here are other interesting details:
The process of liquidation of an Austrian company may take from six months to several years, depending on the claims that have to be covered and the number of outstanding liabilities of the company.
Are you interested in information about immigration to Austria? Our lawyers are at your disposal with legal services and specialized help to benefit from an uncomplicated process. We mention that citizens of EU member countries do not need a work permit if they accept a job in Austria. On the other hand, those who come from non-EU/EEA countries have to apply for such a permit, in order to work legally. Discuss all aspects with our immigration experts.
For more details, you may contact our lawyers in Austria. Also, if interested in immigration to Austria, feel free to discuss all the legal aspects with one of our immigration lawyers in Austria.