Dissolution and liquidation of a limited liability company
The process to dissolve and liquidate a Limited Liability Company has a series of mandatory requirements ...
Limited partnerships are dissolved for the following reasons:
a) Compliance with the deadline set in the Statutes.
b) Agreement of the General Meeting with the requirements for the modification of the Bylaws.
c) Termination of the company that constitutes the object of the company, impossibility of carrying out the corporate purpose or paralysis of the corporate bodies that impede the operation of the company.
d) Due to cessation of the activity that constitutes the corporate purpose for more than one year.
e) For losses that reduce the company's assets to an amount less than the share capital, unless said capital is increased or reduced by the necessary amount, provided that it is not appropriate to request the declaration of insolvency.
f) Capital reduction below the legal minimum.
g) When the nominal value of non-voting shares exceeds half of the paid-up share capital and the proportion is not restored within two years.
h) Any other cause established in the Statutes.
When there is a cause for dissolution, the Administrators are obliged to call the General Meeting within two months to adopt the dissolution resolution, liable jointly and severally for the debts of the company if they do not do so.
Likewise, the General Meeting may agree to reactivate the company provided that the cause for dissolution has disappeared, that the equity of the same is not less than the share capital and that the payment of the settlement fee to the participants has not begun. This agreement, as well as the dissolution agreement, must be granted in a public deed that must be registered in the Mercantile Registry.
The dissolution of the company determines the opening of the liquidation process of the same, during which it retains its legal personality and must add the phrase "in liquidation" to its corporate name.
Unless the company bylaws provide otherwise or other persons are appointed liquidators in the dissolution agreement, they will act as liquidators of the persons who until that date had the status of Administrators. The position of liquidator has an indefinite term, unless the statutes establish otherwise. This act must also be granted in a public deed and registered in the Mercantile Registry.
The liquidators, within three months from the opening of the liquidation, must form an inventory and a balance sheet of the company closed on the date on which its dissolution was agreed.
Once the liquidation operations are concluded, the liquidators must submit to the approval of the General Meeting a final liquidation balance formed by them, a report of the operations carried out, and a proposal for the division of the corporate assets among the participants. This agreement can be challenged by the participants within a period of two months from its approval.
The liquid assets of the company resulting from the liquidation are distributed among the participants in proportion to the value of their shares, unless the statutes provide otherwise. In any case, the liquidators will not be able to pay their share to the participants if they have not previously satisfied the credits of the creditors.
On the other hand, the participants have the right to have their quota paid in money, unless otherwise established by unanimous agreement.
Once the liquidation operations are completed, the liquidators must grant a public deed of extinction of the company before a notary, it must include the Final Liquidation Balance and a list of the participants with their identity data and the value of the share of each one from them.
In the liquidation deed, the liquidators must state the following:
a) That the General Meeting has approved the Final Balance, the Report of the Liquidators and the Draft Division of the Capital Stock.
b) That the period to challenge the approval of the final balance sheet, the report and the division project has elapsed, without anyone having challenged it.
c) That the creditors of the company have been paid or that the amount of their credits has been consigned.
d) That the participants have received the amount of their quota or that such amount has been consigned to their disposal.
e) If the liquidators assume the duty of keeping the accounting books. If this circumstance is not mentioned in the deed, they must be deposited in the Mercantile Registry.
Finally, it should be noted that the dissolution of companies is subject to the Tax on Patrimonial Transmissions and Documented Legal Acts, corporate operations modality, amounting to 1% of the real value of the assets and rights received by the participants (taxpayers). The forgiveness of debt by the shareholders is exempt. On the other hand, when the awards are non-monetary, they are considered deliveries of goods for the purposes of the IGIC.
In summary, the following steps can be taken:
En resumen, pueden concretarse los siguientes pasos:
1º) Acta de la Junta General acordando la disolución.
2º) Otorgamiento de la escritura pública de disolución ante notario.
3º) Liquidación del modelo 600.
4º) Inscripción en el Registro Mercantil de la escritura de disolución.
5º) Acta de la Junta General con el nombramiento de liquidadores en caso de que los estatutos o la Junta General puedan designar a otros diferentes de los administradores.
6º) Otorgamiento de la escritura pública de nombramiento de los liquidadores.
7º) Inscripción en el Registro Mercantil de la escritura de nombramiento de liquidadores.
8º) En el plazo de tres meses desde la apertura de la liquidación, los liquidadores deben formular un inventario y un balance a fecha de la disolución.
9º) Aprobación de la Junta General del Balance Final, Informe sobre las operaciones de liquidación y Proyecto de división entre los partícipes del activo resultante elaborado por los liquidadores.
10º) Transcurso del plazo de dos meses para impugnar el balance, informe y proyecto.
11º) Otorgamiento de la escritura pública de extinción de la sociedad ante notario en que se incluirá el Balance Final, una relación de partícipes y las manifestaciones mencionadas anteriormente.
12º) Inscripción en el Registro Mercantil de la escritura pública de extinción de la sociedad.
13º) Presentación de la declaración censal (modelo 036) ante la Delegación de la AEAT en el plazo de un mes desde cancelación efectiva de los asientos en el Registro Mercantil. A este modelo 036 hay que acompañar el original de la escritura, copia de la misma, copia del NIF de los administradores y el original de la tarjeta del CIF.
Además, la inscripción del nombramiento de liquidadores puede ser simultáneo o posterior a la disolución.
En la práctica, para liquidaciones sencillas, pueden realizarse los tres actos inscribibles (disolución, nombramiento de liquidadores y liquidación) en una única escritura pública. De esta forma, los pasos pueden resumirse en:
1º) Otorgamiento de la escritura pública de disolución, nombramiento de liquidadores y liquidación de la sociedad.
2º) Liquidación del modelo 600.
3º) Inscripción en el Registro Mercantil.
4º) Presentación de la declaración censal (modelo 036) ante la Delegación de la AEAT en el plazo de un mes desde cancelación efectiva de los asientos en el Registro Mercantil. A este modelo 036 hay que acompañar el original de la escritura, copia de la misma, copia del NIF de los administradores y el original de la tarjeta del CIF.
1º) Minutes of the General Meeting agreeing the dissolution.
2º) Granting of the public deed of dissolution before a notary public.
3rd) Settlement of model 600.
4th) Registration in the Mercantile Registry of the dissolution deed.
5th) Minutes of the General Meeting with the appointment of liquidators in the event that the statutes or the General Meeting may designate others other than administrators.
6th) Granting of the public deed of appointment of the liquidators.
7º) Inscription in the Mercantile Registry of the deed of appointment of liquidators.
8º) Within three months from the opening of the liquidation, the liquidators must formulate an inventory and a balance on the date of the dissolution.
9º) Approval of the General Meeting of the Final Balance, Report on the liquidation operations and Project of division between the participants of the resulting asset prepared by the liquidators.
10th) The two-month period has elapsed to challenge the balance, report and project.
11º) Granting of the public deed of extinction of the company before a notary public in which the Final Balance, a list of participants and the aforementioned statements will be included.
12º) Registration in the Mercantile Registry of the public deed of extinction of the company.
13º) Presentation of the census declaration (model 036) before the AEAT Delegation within a period of one month from the effective cancellation of the entries in the Mercantile Registry. This model 036 must be accompanied by the original of the deed, a copy of it, a copy of the administrators' NIF and the original of the CIF card.
In addition, the registration of the appointment of liquidators can be simultaneous or after the dissolution.
In practice, for simple settlements, the three registrable acts (dissolution, appointment of liquidators and liquidation) can be carried out in a single public deed. In this way, the steps can be summarized as:
1º) Granting of the public deed of dissolution, appointment of liquidators and liquidation of the company.
2nd) Settlement of model 600.
3º) Registration in the Mercantile Registry.
4º) Presentation of the census declaration (model 036) before the AEAT Delegation within a period of one month from the effective cancellation of the entries in the Mercantile Registry. This model 036 must be accompanied by the original of the deed, a copy of it, a copy of the administrators' NIF and the original of the CIF card.