There are a variety of reasons for the company's termination. The business may be terminated:

• by decision of the participants (owners);
• by judgment of the court;
• the opening of bankruptcy proceedings;
• expiring the time limit specified in the articles of association (if the company is established for a specified time period);
• achieving the objectives set out in the articles of association (if established for certain purposes);
• in cases specified in other regulatory enactments or articles of association.

In the event of a winding-up, the liquidation of the undertaking must be carri Liquidation shall be performed by the members of the board, unless otherwise specified in the articles of association, the decision of the meeting of participants (shareholders) or the court adjudication. One or more liquidators may be appointed. Upon appointment, the liquidator shall acquire all the rights of a member of the board and of the council and perform liquidation (collection of debts, sale of the company's property, satisfaction of creditors' claims, as well as shall be responsible for preparing the liquidation documents).

A decision regarding the termination of activity and the appointment of a liquidator shall be submitted to the Enterprise Register of the Republic of Latvia (UR) within three days from the taking of this decision. In the Official Gazette of the ur Latvijas Vēstnesis, a notice regarding the winding-up and liquidation of the company shall be published, while the liquidator shall send a notice regarding the commencement of the liquidation of the company to all known creditors no later than the date of publication of the notice regarding the termination of the company.

If an undertaking is terminated on the basis of a court decision, the decision for making the UR entry in the Commercial Register shall be sent by a court, while if the undertaking is terminated on the basis of a decision of the tax administration, the decision to make the UR entry in the Commercial Register shall be sent by the tax administration.

Following the satisfaction of the creditors' claims (or the deposit of the money intended for them) and the settlement of the liquidation costs, the liquidator shall prepare the financial statement of the closing of the and the distribution plan of the company's remaining assets, if any. The winding-up financial statement shall be prepared and submitted in accordance with the requirements of the Law regarding the preparation of the annual report .

the liquidator of must also make sure that all obligations with the State Revenue Service (SRS) have been settled – taxes have been paid and all necessary declarations and accounts have been submitted. Reports and declarations can be submitted electronically using the SID Electronic Declaration System .

Liquidation shall be carried out in two stages:

Step 1.

The meeting of the members (shareholders) shall be convened initially, at which a decision regarding the termination and commencement of liquidation of the company shall be taken. If there is only one member (shareholder) in an undertaking, the relevant decision of the member shall be prepared without convening the meeting of the members. A liquidator shall be appointed at the meeting of the participants (by a decision of the participant), shall determine the amount of the liquidator's remuneration and the procedures for payment, as well as determine the time period for the application of creditors' claims.

Phase 2.

At this stage, the liquidator shall inform all known creditors, carry out the recovery of debts, if necessary, including the sale of the company's property, as well as carry out such transactions as are necessary for the liquidation, and, finally, draw up a financial statement of the liquidation closing and prepare a plan for the distribution of the remaining assets of the company and submit to the members.

Documents necessary for liquidation and submission thereof

On the website of the Enterprise Register (UR), under the heading “Register”a list of the types of documents to be submitted to the UR in each of the phases of liquidation is available when selecting the appropriate form of commercial activity and choosing “liquidation” or “winding-up or suspension”.

You can access documentsto submit:

• electronically, portalLatvija.lvin e-service “Registration of the registers kept by the Enterprise Register'by signing documents withsecure electronic signature. When submitting withsecure electronic signaturesigned documents, signature notarial certification is not necessary;
• by electronic means of sending documents signed with an electronic signature issued abroad, using:e-address;
• by mail, sending signed documents toUR;
• electronically by sending documents signed with an electronic signature issued abroad to e-mailpasts@ur.gov.lv.

Deletion of registration of a trade mark on the initiative of the owner

The owner of the trade mark may request the registration of the trade mark to be deleted before the expiry of its term of validity. The request may be extended to full registration or to only part of the goods or services for which the mark is registered. The application may specify the date on which it is desirable to delete the registration, but not earlier than the date on which the application was receivedOn the Patent Board.

You may submit an application for the deletion of the registration of a trade mark:

• electronically via e-service “Exclusion of registration of a trade mark from the register on the initiative of the owner”;
• usingE-addressesor when sending to an e-mail address: valde@lrpv.gov.lv, if the application has been signed withsecure electronic signature;
• on-siteOn the Patent Board.

Submission of a corporate tax return

If a corporate income tax payer ceases to pay tax during the tax year due to liquidation, the corporate income tax declaration must be submitted not later than 30 days after the approval of the balance sheet of the closing or liquidation financial statement.

In the event of liquidation, the undertaking shall submit to the State Revenue Service (SRS):

• the closing financial statement and
• corporate Income Tax Statement.

The declaration andannual accountsyou can submit usingSRS Electronic Declaration System.

It is important to register changes both when the company is terminated and in any other situation where the employment relationship with the employees is to be terminated.

For workers who have changed or lost their status, the change must be recorded no later than three working days after the change or loss of status. This can be done electronically by submitting “ Workers ” to the SRS EDS.

There are several possible stages of development in the company's life cycle, one of the following phases is financial difficulties, namely the situation where the merchant is no longer able to meet its obligations towards creditors and, through all available mechanisms to address financial difficulties, it is necessary to conclude that the company's debt burden is too high.

In this case, it is necessary to act in a timely and conscientious manner: the legal solutions provided for in the Law on Insolvency should be addressed. It is very important not to hesitate and file an application for the insolvency proceedings of a legal person, since it will only be possible to satisfy creditors' claims as fully as possible and to ensure the return of assets to economic circulation.

You can find out more about the insolvency proceedings on the website of and in the description of the state of life of

Information on the suspension of the economic activity of the taxpayer

In order to find out whether your economic activity has been suspended, you can use the e-service “List of taxpayers with information regarding the suspension of economic activity” on the State Revenue Service site. You can read more information about the service on the Latvija.lv portal.

Information regarding the exclusion of a taxpayer from the Value Added Tax Register of the State Revenue Service

In order to find out if you are excluded from the State Revenue Service (SRS) Value Added Tax Register, you can use the e-service of the SRS site “Decisions regarding registration and exclusion from the VAT Register”. You can read more information about the service on the Latvija.lv portal.

Make sure that the company is excluded from the public register in which it was registered can be found on the UR website “Searching for company, organisation or person”.

Services of a sworn notary

If you need the services of a sworn notary, obtaining legal advice, preparing and notarising documents and paying the service received when you terminate the business activity, it may be possible, both in presence with the sworn notary and remotely. Use the “Notary Online” e-service — Login is possible by selecting any sworn notary in the “Search notary” section of the portal www.latvijasnotars.lv, and noting that you will need, for example, an on-line token.

A notary can be found in a convenient location, whether to apply for a visit or ask an online question.