Opening a company’s liquidation proceedings

To begin the liquidation proceedings, the valid dissolution resolution and the company’s details must be incorporated into a complete application to the Business Registry. The applicant, company details, date of the resolution, start of the liquidation, and representation details must not conflict across the submitted documents. The documents include, in particular, the liquidation resolution, proof of authority to apply and represent the company, and, where applicable, the appointment of a liquidator. Foreign documents or representatives may require additional evidence of identity, authority to represent, and the documents’ admissibility for use in Georgia. Their form, signature, and any required certification must meet the filing requirements. If a liquidator is appointed, their identity, start date, and scope of authority to represent the company must be clearly specified. Their powers must be appropriate to the planned winding-up and consistent with the registry application. At the same time, it must be determined internally which existing management or representation rights will continue, change, or end. After registration, the current registry extract should be checked. It must accurately reflect the liquidation status and the registered representation for the winding-up. Discrepancies between the resolution, application, and registry record can make communication with banks, business partners, authorities, and creditors more difficult. The commencement of liquidation must then be announced in accordance with the applicable requirements. The notice to creditors must clearly identify the company and allow them to submit claims within the applicable period. Known creditors, proof of publication, and incoming claims should be documented in an orderly manner from the outset. Registration marks the beginning of the formal winding-up, but the company has not yet been struck off. Its assets, claims, contracts, taxes, and liabilities are dealt with in the subsequent stages of the proceedings.