The long wait for the compulsory company liquidation of un-reregistered companies is now over. It has been one year and four months and the Registry Agency is finally ready with the paperwork and the procedures for liquidation of un-reregistered companies. The Company Register Act has been amended accordingly end of 2012, so technically the liquidation could have been started.
The problem with un-reregistered companies is that the Brits who have bought properties before 2012, bought it though a limited company and because they failed to re-register the limited company, it is now subject to compulsory liquidation. This means that there is a real thereat that those Brits can lose their property unless they take control of the compulsory liquidation process.
Liquidate your limited company and keep the property on your own name
Owners of un-reregistered limited companies now can take control of the wind up process by submission of application for appointing a liquidator and start of the liquidation process. As solicitors who specialise in liquidation and having Milen Hristov, who officially registered liquidator in the list of liquidators in the Company Register of Registry Agency, we are well prepared to handle your limited company liquidation. We are constantly looking for Company Register Act amendments and are ready to react immediately and accordingly so that we can protect your rights in the liquidation process.
If your company is un-reregistered and you don’t know what to do, contact us and instruct our solicitors to initiate the liquidation. Our current clients want either to sell their property since they are not interested in owning anything in Bulgaria anymore, or they just want to transfer the company property to their own name.
Transferring the company property to own name
Many Bulgarian solicitors offer the service ‘transfer property to own name‘, but what they actually offer is ‘sale’ of the company property to own name. This is basically a fictive sale where your company transfers the company property to the shareholders in the form of title deed sale document. Because of the high conveyancing costs, the sale price is reduced to the bare minimum – the tax value of the property. However this fictive sale is dangerous as this could trigger some negative consequences such as tax checkes by the National Revenue Agency due to the suspiciously low sale price and even can trigger international tax evasion checks with collaboration with the HMRC. As a second negative side of this fictive sale we should point out the criminal liability of declaration of false facts in the title deed. Pursuant to Art .313 of the Criminal Code the declared lower price of the transfer can bring criminal liability to the person signed the title deed i.e. the company shareholder and the ‘buyer’. Nobody wants to go to prison for saving a few pounds of a property transfer to own name and liquidation of his limited company.
The proper way to transfer property to own name in the company liquidation
No need to use fake sales if you want to keep the property to yourself. Our liquidation professionals will use the regulations of the liquidation procedure to transfer the property to your own name. The procedure is not so familiar among the regular conveyancing Bulgarian solicitors so that’s why many of them will deny its existence. This doesn’t mean you have to use the fake sale. For the amount of £600 (*subject to preliminary documents review) you can liquidate your company and transfer the property to your own name.
Call us or email us for a review of your company documents and to get a final quote from us for liquidation of your limited company and transferring the property to your own name.