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Company Dissolution in Israel
Company dissolution
The term “closing a company” can be understood in several ways. Dissolution is relevant when you want to close a company you own voluntarily. (This page does not deal with dissolution by creditors or involuntary dissolution, only with voluntary dissolution, including the expedited voluntary procedure.) To dissolve a company you need a lawyer who specialises in the field and can complete the process efficiently and quickly, which also keeps the costs of closing the company to the minimum required.
Closing a company
Closing a company sometimes involves considerable costs, because the company has debts recorded with the Registrar of Companies. Some inactive companies that were never dissolved stop paying the annual fee; the debt grows and after two years the company is registered as a “violating company”. Failing to file reports with the Registrar leads to the same result. This status prevents the owners from setting up a new company, and the person registered as director may even be fined thousands of shekels. It is therefore advisable not to delay closing a company.
Voluntary dissolution
When the dissolution is voluntary, there is no reason to delay. Owners often come to us with a neglected company and are forced to pay fees for past years and meet other obligations to the authorities, although as far as they are concerned activity stopped long ago and all they want is a formal closure. We examine options for reducing or obtaining exemption from fees and fines, update you on the company’s status and move the closure forward as quickly as possible.
Company closure lawyer
If you own a company that is inactive or that you want to close, contact Paz Israel & Co. Our lawyer will review the company’s status based on the details you provide, so that we can give you an efficient and economical proposal for closing it. We work with both the Tax Authority and the Registrar of Companies, and in most cases you can receive confirmation of closure within a few months. You will receive personal, fast and professional service at a reasonable price.
Selling a company
Selling a company can be a creative way to avoid the liabilities and costs of closing it. The sale is carried out under an agreement and the shares are transferred to the buyer. If you are interested in selling a company or need a company closure lawyer, leave us a message and we will be glad to help.
Available and accessible
Our boutique office is based in Modi’in, with branches in Tel Aviv and Jerusalem, and has extensive experience in company dissolutions, commercial agreements, real estate sale agreements, real estate taxation, and claims against contractors. Contact us or call 079-6082227.
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Frequently asked questions
How do you close an inactive company?
A company that can pay its debts can be wound up voluntarily: the directors declare solvency, the shareholders resolve to wind up and appoint a liquidator, and the company is struck off at the end of the process.
What if the company has debts it cannot pay?
That is insolvency, handled by the court under the supervision of the Insolvency Commissioner. Early advice is important, since managers may bear liability in certain situations.
Can we simply stop paying annual fees?
Not paying the annual fee may lead to the company being marked as a violating company and to restrictions on its owners. It is better to close a company properly.
How long does a voluntary winding up take?
Usually a few months, depending on the state of the financial reports, debts to authorities and the assets to be realized.