likvideerimisnõukogu

A likvideerimisnõukogu, often translated as a liquidation council or committee, is a body established in Estonia for the purpose of overseeing the dissolution of a legal entity. This entity can be a company, cooperative, or other form of organization. The primary role of the likvideerimisnõukogu is to manage the liquidation process in a structured and legally compliant manner.

The council is typically appointed by the owners, shareholders, or members of the entity being liquidated. Its responsibilities include managing the entity's assets, settling its debts, and distributing any remaining assets to the entitled parties. This often involves selling off property and investments, paying creditors according to legal priority, and preparing final financial statements.

The establishment and operation of a likvideerimisnõukogu are governed by Estonian company law and other relevant legislation. The process is intended to ensure fairness to all stakeholders, including creditors, employees, and owners, during the termination of the entity's activities. The council's work concludes once all liquidation procedures are completed and the entity is formally removed from the commercial register. The appointment of a likvideerimisnõukogu signals the formal end of an entity's operational life and the commencement of its legal winding up.