Termination of a company by summary procedure

This page explains about the termination of a company by summary procedure. The unsettled receivables (e.g. unpaid invoices of buyers) and liabilities  of the company (debts to suppliers, etc) are transferred to the owners, who as the legal successors of the company are obliged to settle them.

In termination of a company by summary procedure, the entire liquidation procedure is excluded.

The owners must  submit a decision to the court on the termination of a company by summary procedure with a certified statement of all shareholders. This Statement must declare that all the company's obligations are settled, all relations with employees are regulated and that the owner will take over the obligation to repay any remaining obligations of the company.

Creditors can enforce their receivables due from shareholders, who are jointly and severally liable with their own property, within one year after the announcement of the deletion of the company from the Companies Register.