Uzemzárás

Uzemzárás is a term used in Hungarian legal and administrative contexts, roughly translating to "closing of a company" or "company dissolution." It refers to the legal process by which a company ceases to exist as a separate legal entity. This can occur for various reasons, including the voluntary decision of its owners, the completion of its business objectives, or due to insolvency.

The process of uzemzárás typically involves several steps. A resolution must be passed by the company’s governing body, often the shareholders’ meeting, to initiate the dissolution. Following this, a liquidator is appointed to oversee the winding-up of the company's affairs. The liquidator's duties include settling debts, collecting outstanding receivables, selling off assets, and distributing any remaining funds to the shareholders.

Public notices are usually required to inform creditors and other interested parties about the dissolution. The company continues to exist for the purpose of liquidation, but it cannot conduct new business. Once all debts are settled and assets distributed, the liquidator files the necessary documents with the company registry to formally close the company. This administrative closure marks the end of the uzemzárás process. Failure to follow the prescribed legal procedures can lead to personal liability for the company’s directors or owners.