Liquidation of a charitable foundation in Ukraine
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What we offer
- Study the Client’s situation and offer the best option for the liquidation of a charitable foundation in a particular case;
- Find options to minimize possible risks for the participants and management of the foundation, not only at the stage of its closure, but also after the end of the process;
- Solve the issues related to the liquidation of the foundation: the appointment of the liquidation commission, conducting an inventory of the property, drawing up a liquidation balance sheet, termination of employment relations with employees, support of the transfer of property to another non-profit organization, etc.
Documents for the liquidation of a Charitable Foundation
Documents for liquidation of the Charitable Foundation in Kyiv
The constituent documents include: the charter of the charitable foundation, minutes of the general meeting of the CF members or the decision of the sole member.
The accounting documents include: contracts (including agreements on the provision of charitable assistance), copies of reports submitted, personnel documents, including the accrual of wages, etc.
Service packages offers
- Consultation on the liquidation procedure and the documents and information required to start the procedure
- Drawing up the minutes of the general meeting, where the decision to terminate the fund is made
- Submission of documents to the state registrar to start the process of terminating the fund
- Submission of documents for termination to the STI and social insurance authorities
- Reconciliation in the STI for the presence of debts or overpayments
- Organization of payment of fines and debts (if any)
- Control of the purpose of the inspection in the STI
- Obtaining certificates of no debt and deregistration in the STI and social insurance authorities
- Organization of transfer of primary documents for storage in the state archive
- Complete termination of the fund by the state registrar
- Drawing up the protocol of the general meeting, where the decision to terminate the fund is made
- Submission of documents to the state registrar to start the process of terminating the fund
- Closing bank accounts (Ukraine only)
- Submission of documents for termination to the STI and social insurance authorities
- Reconciliation in the STI for the presence of debts or overpayments
- Payment of fines and debts (in case of their prior compensation by the Client)
- Organization of storage of primary accounting documents of the fund in our company
- Control of the purpose of the inspection in the STI
- Passing an inspection in the STI and social insurance bodies
- Obtaining certificates of absence of debt and deregistration in the STI and social insurance bodies
- Transfer of primary documents for storage in the state archive
- Complete termination of the fund by the state registrar
- Finding and providing a new participant and a new fund manager
- Preparation of documents and organization of their signing by a notary
- Organization of complete changes in the unified state register
- Storage of primary documents of the fund (by separate agreement)
The price of legal support services for the liquidation of a charitable foundation (CF) is calculated separately on a case-by-case basis and depends on the following factors:
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liquidation options (liquidation by the decision of the participants or “alternative liquidation” of the CF)
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terms of providing liquidation services.
The cost of liquidating a charitable foundation in Ukraine does not include notary fees and official payments (depending on the type of liquidation. In case of an “alternative” liquidation, the fee for the change of the director and for the change of the members shall be paid).
Legal сonsultation on the liquidation of the Charitable Foundation in Kyiv
Liquidation of a legal entity, including the charitable foundation, is a complex and multi-stage procedure. You can get more information about the process of liquidation, its aspects and assessment of your situation on the introductory consultation with our lawyer.
At the introductory consultation a lawyer will analyze specifically your situation and give a few options to address the issue depending on your case. We answer the questions in detail and clearly, and not just quote statutory regulations.
At the introductory consultation our specialist will:
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tell you about the general procedure for liquidating a charitable foundation;
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provide several options for solving the issue, depending on the specifics of your case;
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explain what the alternative liquidation of the charitable foundation in Kyiv is and when it will be beneficial to use it.
In addition, the lawyer will tell you about the potential risks and problems and how to avoid them.
The cost of the introductory consultation on the CF liquidation in Kyiv starts from UAH 2,500. This amount will be included in the price of the liquidation service, if you order it from us.
If you have a lot of questions or they are non-standard, we recommend you ordering a “Roadmap”. This is a step-by-step plan of actions, developed by our lawyers and aimed at achieving your goal. The price of the “Roadmap” is also included in the service price, if you decide to order our legal support services for the liquidation of the charitable foundation.
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Contact us by mail [email protected] or by filling out the form:Liquidation of the Charitable Foundation in Kyiv quickly: Minimum terms of CF liquidation in Kyiv
The minimum term (1-3 business days) can be applied to the “urgent liquidation”, e.i. the “alternative liquidation” of the CF. This is the procedure for transferring the foundation to the new owner (member).
Price, nuances and minimum terms shall be specified for each individual case.
Other options of the CF liquidation in Kyiv will take 2 months minimum. In practice, it can take about a year or more.
Answers to frequently asked questions
The reason is that according to the law, the foundation must be de-registered with all state agencies where it is registered, including the tax authorities. For this purpose, the tax authorities have to appoint an audit of the charitable foundation, but due to the workload the audit may be dalayed for quite a long time.
First, you need to cancel the decision to terminate the foundation (at the state registrar) and only then - transfer the rights to it to other persons. This option is not expedient at all stages. Therefore, the decision shall be made on the case-by-case basis.
Procedure and period of dissolution (liquidation) of the Charitable Foundation in Kyiv
We can offer several options of the liquidation (dissolution) of the charitable foundation. The stages and the price of the CF liquidation procedure, legal support services will depend on the way we will jointly decide to go to your final goal.
An “alternative liquidation” is the fastest way to change the members and to withdraw from the management of the foundation. That said, this procedure does not always eliminate the risk of holding the management accountable (even if they are no longer employees of the foundation).
One of the most urgent questions our Client Managers hear is whether it is expensive to close a charitable foundation in Ukraine and what is the price of the accelerated procedure. In order to know the price of services and terms of the entire procedure, first of all we have to decide what kind of actions we will perform to solve the issue as efficiently as possible.
This service can start with consultation on the possibility of liquidation of the foundation, and later we may proceed to the liquidation (if the Client has already been consulted on the key points of this procedure). Before the start of work we sign an agreement with the Client.
After paying for our services, our lawyers start drafting documents. At this stage our lawyers may need to interact with the Client’s accountant (if the situation requires it and it is stipulated in the agreement).
After the end of the services, the foundation ceases to exist as a legal entity (in the “alternative liquidation”, the management of the foundation is transferred to persons who are not related to the Client).
If we briefly describe the procedure of the CF liquidation, say, by the decision of its members, you will have to go through the following stages:
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Making a decision to liquidate the foundation. Such a decision shall be made at a general meeting of CF members and recorded in the Minutes;
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Submission of the documents to the state registrar;
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The work of the liquidation commission / liquidator. This stage involves a complex of actions, which include, for example, closing the accounts of the legal entity, an inventory of its property, dismissal of employees, etc. As a result, you get the Act of the Liquidation Commission, which specifies a list of the conducted actions and the resulting documents;
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Submission of documents to the tax authorities, the tax audit and de-registration;
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Submission of the registration and primary accounting documents to the state archive;
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Submission of the final package of documents on the dissolution of a legal entity to the state registrar.
Of course, the process of alternative liquidation of a charitable foundation will be completely different with other stages.
If you want to know how to liquidate a charitable foundation, how much it costs and whether it can be done in the shortest possible time, our lawyers have the answers to all these questions. Don’t hesitate to call us!
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