Business liquidation, dissolution & cessation in Korea

When a company closes down and goes into liquidation, its names shall be removed from Korean court and tax authorities. The liquidation procedures would normally take up to six (6) months in Korea, and main procedures include:

  1. Shareholders’ resolution for dissolution
  2. Appointment of a liquidator
  3. Filing of the closure of business to the court
  4. Collection of receivables
  5. Tax return filings for each stage of the liquidation procedures

Business liquidation, dissolution & cessation in Korea

When a company closes down and goes into liquidation, its names shall be removed from Korean court and tax authorities. The liquidation procedures would normally take up to six (6) months in Korea, and main procedures include:

  1. Shareholders’ resolution for dissolution
  2. Appointment of a liquidator
  3. Filing of the closure of business to the court
  4. Collection of receivables
  5. Tax return filings for each stage of the liquidation procedures

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