The dissolution process consists of several stages and takes over two months to complete.
In short, the proceedings are as follows:
- The general meeting decides to dissolve the association and determines the liquidators and if necessary, also decides the distribution of remaining assets
- A relevant petition is submitted to the register and the liquidators are entered in the register instead of members of the management board
- A liquidation report is submitted in the annual reports section (if it becomes evident that the amount of obligations exceeds the amount of the association’s assets, then the liquidator must submit a bankruptcy petition to the court)
- The association publishes an official announcement about its liquidation so that creditors could submit their claims (even if there are none). A waiting period of two months follows.
- Debts are paid and the remaining assets are distributed (the latter must not be done before the passing of six months)
- Final balance sheet is submitted as an annual report
- A petition is submitted to the register for the deletion of the association (without a state fee) and a depositary of documents is appointed