The Company Liquidation - A Path to Avert the Accrual of New Liabilities

The economic deficit registered by almost all the countries in the world, the extension above expectations of the economic and financial downfall, the disruption or even collapse of some markets have compelled companies to leave their expectant position. The accrual of liabilities has become the main predicament for many of them and has even determined the governments and international organizations to amend the current legislation in the case of the companies having a significant impact on national economies. Overnight bankruptcies no longer terrify anyone these days, but the troubled investors need a judicious procedure of company liquidation in order to ensure the clearing of the creditors’ debts and, if applicable, the recovery of the capital that they invested. Taking into consideration these aspects, the present study approaches the most important legal, economic and accounting steps that must be followed by companies incorporated in Romania in order to perform the voluntary liquidation.