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Under which circumstances can the enterprise be dissolved and what are the conditions for dissolution?

An enterprise shall be dissolved in the following cases:

    • The term of operation stated in the company charter expires and no decision to extend such term of operation is issued;
    • Under a resolution or decision of the enterprise owner, for a sole proprietorship; of the Members’ Council, for a partnership; of the Members’ Council or the company owner, for a limited liability company; or of the General Meeting of Shareholders, for a joint stock company;
    • The company no longer satisfies the requirement on the minimum number of members prescribed in the 2020 Law of Enterprises for 06 consecutive months and does not pursue enterprise transformation procedures; or
    • The enterprise has its Enterprise Registration Certificate revoked, unless otherwise prescribed in the Law on Tax Administration.

An enterprise may only be dissolved when it commits to fully pay its debts and perform other property obligations and is not currently involved in a dispute resolution process at court or arbitration.

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