Formal Completion of a Company Liquidation in Georgia

Liquidation can be completed only once the financial winding-up has ended and the company’s remaining assets and liabilities have been determined. Outstanding receivables, liabilities, contracts, assets, taxes, and liquidation costs must be dealt with conclusively or appropriately accounted for as a matter of law. The bookkeeping provides the basis for the final account and final report. The liquidation final account reconciles the assets and liabilities at the start of the winding-up with all subsequent changes. Proceeds from asset realisation, collected receivables, payments to creditors, winding-up costs, and any remaining assets must match the accounts and supporting documents. Unreconciled discrepancies or outstanding items indicate that the liquidation has not been fully concluded. Residual assets may be distributed only after creditor claims and winding-up costs have been taken into account and any applicable waiting periods have been observed. Allocation is determined by the relevant statutory and internal company participation rights. The recipient, amount or item, basis of calculation, and transfer must be documented in a verifiable manner. The closing evidence must collectively show that the winding-up has ended, creditors have been properly accounted for, and the remaining assets have been dealt with correctly. The final report, final account, distribution documents, and required NAPR documents must not contradict one another. The authority of the person applying for removal from the register must also be demonstrated. Once everything has been prepared, an application for removal is filed with the business register. The final register extract should confirm that liquidation status has ended and the company has been removed from the register. Until this registration has been completed, the mere end of the company’s business operations must be distinguished from legal completion. Following removal from the register, the company can no longer conduct new business. For a company, its legal personality generally ends, and the liquidator’s authority to represent it ends to the extent of the completed procedure. Record-keeping, tax, and other subsequent obligations may nevertheless continue beyond the date of removal and must be fulfilled separately.