The liquidation and dissolution of a company is never easy and in many cases, it may be be an emotional process.  At Auditgate Limited, we can be the liquidators of your choice to help you liquidate your Cyprus company in a professional and effortless manner.

A voluntary liquidation process begins when a company's shareholders pass an extraordinary resolution to close the company down. The reasons why this may be the case vary widely. For example, a company's objective may have been fulfilled and thus there may be no reason to keep it open, a company may be unable to meet its objectives any longer or there may be cash flow problems.

The liquidation process has to be managed by a warranted liquidator who can be either a certified public accountant or registered auditor or a warranted lawyer. During the liquidation process, the liquidator takes over the reins of the company from its directors and assumes all responsibilities. The main purpose is the settlement of the company's dues, the collection of its receivables and, at the end of the process, the distribution of any remaining assets.

The liquidator's powers are wide and far reaching. While they owe a duty of care towards the company's shareholder, they have the right to sell the company's assets as they see fit. Therefore, it is of utmost importance for company shareholders to choose a liquidator they can trust.

This is even more important once one considers that liquidators have to make payments to creditors versus shareholders in a certain order. Unless there are special arrangements in place, shareholders are ranked last and are only paid when all outstanding dues to third parties have been fulfilled.