Panama Company Dissolution
If you no longer require your Panama IBC we can assist with a company dissolution. To dissolve an IBC it is necessary to issue a Resolution of Dissolution signed by the director(s) of the company.
Why have your Panama company Dissolved
Having your company dissolved in accordance with the Panama Companies Act through the correct liquidation channels rather than struck off by the registry has the following advantages:
- the company will be wound up correctly with all of the assets and liabilities of a company recognised
- dissolution ensures that all of the assets of the company are correctly distributed
- liquidation will provide a speedier solution, as the company will be dissolved immediately upon completion of the liquidation process.
Documents needed to be prepared
- Notice of Resolution to Wind up
- Notice of Appointment of Liquidator
- Special Resolution of commencement of winding up
- Notice of Meeting of Creditors
- Notice of General/Final Meeting
- Return of Final Winding up Meeting
Duties of the Liquidator
- Identify all the assets of the company
- Identify all the creditors and claimants against the company
- Provide for the payment of, or to discharge, all claims, liabilities, debts and obligation of the Company
- Distribute any surplus assets to the members in accordance to the Memorandum & Articles of Association
- Prepare a statement of accounts in respect of the actions and transactions of the liquidator
- Send a copy of the statement of accounts to all members if so required by the plan of dissolution
- The Liquidator should submit to the Registrar a statement that the dissolution is complete
- Notice of Resolution to wind up will be published in the Gazette
- The Dissolution of a company will commence upon submission of the Special Resolution to the Registry
- Within 7 days of the appointment, the liquidator will file a notice of meeting of creditors of the company, once on the Gazette and once in 2 local newspapers
- One month before the final meeting, the liquidator is to file notice of general/final meeting in the Gazette
- One week after the meeting, the liquidator will file a return of meeting with the Registry
- After the Registrar has been notified that the company has been dissolved the company will be struck off the Register and a Certificate of Dissolution will be distributed
We are able to help you with liquidation and dissolution of companies in Panama, even though we are not registered agents.
One thing is important. LIQUIDATION must be done before DISSOLUTION. Liquidation is distribution of assets (whatever the corporation owes to its owners) so when the DISSOLUTION is effected there is nothing left for the corporation to distribute.
FOR LIQUIDATION & DISSOLUTION – we can assist with liquidation if the company is transferred to our directors and resident agent. This means that we change directors and resident agent under owners instructions, and then can perform liquidation and dissolution of the company.
FOR DISSOLUTION ONLY (i.e. company has nil assets and/or liabilities) – we can apply for dissolution without involvement of current directors or resident agent, but the owners must provide proof of ownership of the corporation.
If the company has no assets anywhere you can dissolve it without liquidation. We have to know about the company details (name, date of incorporation,etc). If it is in good standing with the government is important , and also to know if it is ACTIVE, or SUSPENDED. Company must be in good standing.