Scheduling begins with setting a realistic date for the cessation of ordinary business operations. This must be distinguished from the date of the dissolution resolution and the formal start of liquidation. Open customer orders, delivery obligations, and notice periods may affect when the company can orderly end its ongoing activities. Receivables, liabilities, and existing assets should be fully identifiable as of the planned cut-off date. Employment-related steps and the handover of business records also require sufficient time. Accounting records and tax data must be prepared so that business operations and liquidation can be clearly separated in time. The chosen date should also be consistent with the assessment of solvency. If the available funds are unlikely to be sufficient to meet the obligations, it should be determined whether voluntary liquidation remains the appropriate procedure. The responsible body, adoption of the resolution, and subsequent completion of the registry formalities must be included in the schedule. A documented plan with cut-off dates and assigned responsibilities prevents gaps between the cessation of business operations and the formal winding-up of the company.
Choosing the Timing for the Voluntary Liquidation of a Company in Georgia
The timing of a company’s liquidation in Georgia should be chosen so that the cessation of business operations, the dissolution resolution, and the formal start of liquidation are coordinated. Particular consideration should be given to ongoing contracts, outstanding obligations, assets, employees, and tax and accounting closing work.
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