likvideerimisest

Likvideerimine is an Estonian term referring to the process of closing down a company or business. It is a formal procedure that involves settling all outstanding debts, distributing any remaining assets to shareholders or creditors, and officially terminating the legal existence of the entity. This process is typically undertaken when a company is no longer financially viable, has completed its intended purpose, or if its owners decide to cease operations.

The likvideerimine process is governed by Estonian law and requires the appointment of a liquidator. The liquidator is responsible for managing the company's affairs during the winding-up period. This includes selling off assets, collecting any outstanding receivables, paying off debts to creditors, and preparing final financial statements. The goal is to ensure that all obligations are met and that any remaining value is distributed in accordance with legal priorities.

Once all debts are settled and assets are distributed, the liquidator submits a final report to the Commercial Register. Upon approval of this report, the company is removed from the register, and its legal existence ceases to exist. There are different types of likvideerimine, including voluntary liquidation initiated by the company's shareholders and compulsory liquidation ordered by a court, often due to insolvency. The specific procedures and timelines can vary depending on the circumstances of the liquidation.