Liquidation is to be carried out in two stages. The decision on the termination and the commencement of the liquidation process shall be taken by the shareholder meeting. The functions of the liquidator shall be exercised by the Board of the Company, unless the meeting of shareholders has decided to appoint another person to the position of liquidator. The company may appoint one or more natural persons as liquidator.

Documents to be submitted:

• application form SE3;
• minutes of the meeting of shareholders (to be certified);
• the liquidator's agreement to take office (not to be submitted if the existing board member becomes the liquidator) (to certify the signatures);
• a receipt or a copy thereof, or a printout of an online bank payment, or information regarding the payment of the State fee.

Time limit for the submission of documents in the Enterprise Register: 14 days from the adoption of the decision.

If an entry in the Commercial Register regarding the termination of activities has been made on the basis of a decision of the State Revenue Service or the Enterprise Register, or if the company's activities have been terminated on the basis of a court adjudication, and no interested person has recommended a liquidator candidate to the court, the person interested in the liquidation may submit an application regarding the appointment of the liquidator. In such case an application shall be submitted, notarised or the consent of a liquidator signed with a secure electronic signature and time stamp to take office, as well as a receipt or other information regarding payment of the State fee in the Treasury account.

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