The liquidation process normally takes approximately 8 months until the time the legal entity will be deleted from the Estonian Commercial Register.
According to Estonian Commercial Act a private limited company shall undergo a liquidation procedure upon dissolution unless otherwise provided by law.
A privet legal entity shall appoint liquidators and agreed on the sums to be paid for services to be provided by the liquidator. According to the law the appointed liquidator shall be a resident of Estonia. The current legislation prescribe that the management board shall submit a petition for entry of the first liquidators in the commercial register.
A private limited company undergoing liquidation shall organize its accounting pursuant to the procedure provided by the Accounting Act.
According to the Accounting Law, within three months after the date of the dissolution resolution, the liquidators, together with a bookkeeper shall prepare, taking account of the provisions concerning the balance sheet contained in the annual report, the opening balance sheet of the liquidation and a report explaining such balance sheet.
At the same time the liquidators shall promptly publish a notice of the liquidation proceeding in the State Newspaper and collect all provided claims against the private limited company within four months after publication of the notice.
After satisfaction of the claims of all creditors and the deposit of money (if any), the liquidators together with a bookkeeper and accountants shall prepare the final balance sheet and distribution plan for the assets remaining upon liquidation.
As the final stage liquidators shall submit a petition for deletion of a private limited company from the commercial register after the conclusion of the liquidation.
The liquidators shall deposit the documents of a private limited company with a liquidator, a person maintaining an archive or another trustworthy person. Such documents shall be kept for the period of 7 years.
Attorneys of our Law Firm in Tallinn will provide services of liquidator and assist Clirnts to liquidate the company in Estonia