ACON Guidance on Liquidation of the Company in Azerbaijan!
The liquidation of a company means terminating its existence and activities without transferring its rights and responsibilities to others. The Civil Code of the Republic of Azerbaijan regulates the liquidation process for companies.
Sometimes, companies start the liquidation process when they achieve their initial goals or when their set activity period ends. For instance, this can happen when a limited-time business project is finished or a particular project task is completed. Furthermore, the founders or a designated body authorized by the company’s charter can make the decision to liquidate a company as well. We can also refer to this as voluntary liquidation.
Additionally, another reason for company liquidation in Azerbaijan might be bankruptcy, often arising from insolvency. Bankruptcy is a legal situation that arises when a company cannot pay its debts. In such a case, the company may be declared bankrupt by judicial decision.
Liquidation, bankruptcy and reorganization of legal entities is a complex legal procedure and requires theoretical and practical knowledge. We can confidently say that the members of our ACON Legal Team are capable of handling any type of legal task.
ACON Law Firm has been providing various types of services to foreign and domestic companies in its field for many years. As a result of the professional activity of our team, we have provided services to many foreign legal entities and individuals in starting business activities in Azerbaijan. In some cases, our services have been related to the liquidation or reorganization of companies as well. Let’s also note that our lawyers have also handled the legal services related to company liquidation and reorganization of companies with the same professionalism.
If you need legal services related to the reorganization, liquidation and bankruptcy of your company, ACON can help you. We are ready to share our legal knowledge and provide services to you regarding all these legal procedures.