Extraordinary financial statements in the event of status change of a business entity
A business entity filing its financial statements in the course of a business year, due to a change in its status, needs to submit its financial statements to the Agency within 60 days from their compilation. Financial statements are compiled for the period up until the day when the change in status took place, including that date.
Together with the financial statements, the business entity also has to supply the details concerning its certified accountant.
Extraordinary financial statements in the event of bankruptcy or liquidation of a business entity
Business entities are required also to compile and register extraordinary financial statements that are assembled if bankruptcy or liquidation proceedings have been commenced or completed. Business entities can compile their financial statements and submit them to the Agency in two possible ways:
- Along with certificate on commencement of bankruptcy or liquidation proceedings, SBRA presents the business entity with a Notification regarding its obligation to file an extraordinary financial statement,
- In the event of completion of bankruptcy proceedings, the Agency presents the legal entity with a Notification regarding its obligation to file an extraordinary financial statement.
Together with the application for striking off the Register, a business entity must file its financial statement compiled for the period up until the day when the liquidation was completed, including that date, in line with article 70 of the Business Registration Law.
Article 68 of the Law stipulates a fine for corporate offence involving failure to submit the financial statement within the legal deadline. The fine spans between 100,000 and 3,000,000 dinars for a legal entity and between 5,000 and 500,000 dinars for the responsible person.
Furthermore, article 362 of the Law on Companies requires business entities to register with the Business Registers Agency the information about the person responsible for the books and documentation of a business entity that was dissolved in liquidation.
The Agency will not register an extraordinary financial statement of a business entity whose change of status, or bankruptcy or liquidation, has not been registered with the Register of Business Entities.
No fee is charged for registration of extraordinary financial statements.