The reasons for the liquidation of a company can be personal or factual, such as:
- Incapacity for work, old age or death of the owner
- Lack of successors in sole proprietorship
- Disputes between the shareholders or the heirs
- Structural changes in the industry concerned (retail stores)
- Deterioration of the business situation due to stifling competition
- Backwardness of the company as a result of technical progress
The liquidation is carried out by the liquidator (usually the business owner himself). The company uses the addition “i. L. ”. At the beginning and at the end of the liquidation, liquidation balance sheets are to be drawn up. The beginning and end of the liquidation are entered and published in the commercial register.
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