The liquidation of SIA at the initiative of the participants is to be carried out in two phases. This section reads the steps of the first phase of the winding-up of the SIA. On the other hand, the arrangements for the cessation of liquidation and the resumption of operations and the steps of the second phase of liquidation or the closing phase shall be read in other sections.

The decision regarding the termination and the commencement of the liquidation process (Phase 1) shall be taken by the meeting of the participants. The functions of the liquidator shall be performed by the board of the SIA, unless the member has decided on the appointment of another person to the position of liquidator. Members may appoint one or more natural persons as liquidator.

We point out that, according to the Commercial Law, members/shareholders have the right to participate and vote at the meeting remotely or to vote before the meeting. Read more in the Explanatory to Remote Participation in Meetings of Members, Shareholders and Members.

Documents to be submitted:

• application form KR13;
• minutes or decision of the meeting of participants (to be certified by signatures - or notarial, or by a secure e-signature to be submitted electronically);
• the agreement of the liquidator to take office (to certify the signatures - or notarial, or with a secure e-signature to be submitted electronically). Do not have to be submitted if an existing member of the Board becomes a liquidator;
• 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: 3 days from the adoption of the decision.

If an entry in the Commercial Register regarding the termination of activities has been made for violations on the basis of a decision of the State Revenue Service or the Enterprise Register, or if the activity of the SIA has 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 a position, a receipt or other information regarding the payment of the State fee in the Treasury account.

View information on how to become an official and administrative member of the merchant, as well as on their duties and authorisation.

Informative auxiliary materials:

How to eliminate SIA (I), LV portal, 02.06.2016.

How to liquidate SIA (II), LV portal, 03.06.2016.