Besides a regular dissolution procedure, Legislation provides for a simplified dissolution procedure. If a legal person has no assets and wants to dissolve, the dissolution can take place without liquidation. This is different from the regular dissolution procedure where liquidation of assets is required.
Under the expedited liquidation the shareholders’ meeting adopts a resolution to dissolve and the legal person ceases to exist with immediate effect. Only requirement is to notify the registers where the legal person registered. This expedited liquidation can only be applied to shell companies however.
