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A company shall be liquidated by the shareholders meeting resolution, court decision and other grounds specified in the law.

Court shall be liquidate a company on the following grounds:

- bankruptcy;

- no member left;

- other reasons specified by law.

By the decision of the Shareholders meeting, the Board of Directors (in its absence, the executive body) of the company shall submit liquidation project to the shareholders meeting. Decision will be made by a majority of the votes of shareholders eligible to vote who attend the Shareholders meeting. The liquidation project shall include the appointment of liquidation commission, period for liquidation, regulation and procedure for distributing assets to shareholders after the creditors’ claims have been settled.

In order to register the bankruptcy, the following documents shall be submitted to the state registration:

  • To publish a press release regarding the bankruptcy on Daily newspaper. Copy of the original newspaper;

  • Fill in the UB-06 form / to stamp, 1 copy /;

  • Decision of the Founders or/and person with authority (1 copy);

  • Financial Closure Report /
    The legal entity other than the representative office shall submit the report;/

  • Tax inspector's act /reference letter and report card/;

  • Tax deduction card /TB-05 form 2 copies/ from the Tax authority;

  • Letter requesting to confiscate the company’s official stamp seal /sign/, with the original stamp, sign;

  • Original copy of State registration certificate;

  • Original copy of the reference letter from the General Executive Agency of Court Decision Enforcement;

  • Receipt of state stamp fee.

Notable Experiences

  • Advised on the sale, transfer and liquidation in Mongolia to number of Hong Kong investors. (2016);

  • Provided legal opinion regarding the liquidation on the foreign investment company established in Mongolia which holds exploration and mining licenses (2016);

  • Liquidated of the Representative office of the United States International Humanitarian organization. Liquidated the Humanitarian Habitat Mongol NGO and its four branches, located in the rural area. (2014).