Striking off or closing a company in Portugal for whatever reason can be daunting if you are unaware of the potential steps or pitfalls involved. Without specialist knowledge you may fall at the first hurdle and it is better to close or wind up the company in Portugal cleanly without leaving a stack of administrative liabilities behind you. Our staff at Close a European Company can provide a full package of bespoke services according to your individual/corporate requirement as follows:
We offer the following services for dissolving/winding up a company:
- Accountancy Advice
- Taxation Services
- Legal Advice
- Liquidation and insolvency services
- Personal Liability Advice
- Advisory/Restructuring Services
OPTIONS FOR DISOLVING/WINDING UP A PORTUGAL COMPANY
- The first stage or proceeding is common to all the above situations: the shareholders have to vote in a general meeting the winding up of the company.
- The minute needs to be signed by the shareholders and then registered before the Companies House.
- If the company has no assets or liabilities there are no other proceedings apart from registering the end of the company's activities before the Revenue Service and Social Security. Please note that if the company actually has liabilities and the shareholders wind it up anyway they could be personally liable before the creditors. Time scale for this (with all the relevant paperwork in hand) would be around one week.
Regarding the second situation, the liquidator will start paying out the debts. This payment is supported mainly by the monies obtained from the conclusion of unfinished business or raw materials/ stock. Usually a company in this situation will have entered into bankruptcy (we have encountered many situations like this).
As regards the last situation, the shareholders usually sell the remaining assets and divide the monies according to their shares.
it is important to take care to protect the assets of the business, to conform with the liquidators wishes and to act responsibly. Please contact us for further information and advice as to how to proceed.