Moldova: liquidating a company is now a ‘mission possible’

On 29 May 2014, the Moldovan Parliament passed the Act No. 90/2014 on amending and supplementing of certain legislative acts (Act No. 90). Act No.90, which entered into force on 27 June 2014, and implements simplified rules on the liquidation of companies in Moldova (in particular, at the decision of their shareholders), namely by inter alia amending the Civil Code of Moldova, Act No. 845/1992 on Entrepreneurship and Enterprises, Act No. 220/2007 on State Registration of Companies and Individual Entrepreneurs.

What was previously regarded as a mission impossible has now become a process with fewer formalities and less time required.

One of the most important steps when liquidating a company in Moldova involves the proper notification of the liquidated company’s creditors. Such notification must be made public by being published in the Official Gazette of Moldova and must be served individually to all known creditors after the internal decision on liquidation of the company is taken. Under the new rules, a notification regarding the company’s liquidation must be published only once in the Official Gazette of Moldova (and not twice and consecutively, as was previously the case) [Art.91 Civil Code]…

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