You receive a letter: "Company X SRL is in liquidation proceedings." And your first reaction: that's it, the money is gone.
Wait. Not necessarily. Yes, it's serious. Yes, the odds drop. But there's a legal procedure through which you can recover your claim — if you act quickly and correctly.
What liquidation actually means
Liquidation doesn't mean the company has disappeared. It means it's in the process of closing — and its assets are to be sold to pay creditors. If you're registered as a creditor, you're entitled to a share of what remains after asset sales.
But — and here's the key — you have to register. No one comes looking for you. No one tells you. You have to find out yourself and act.
Step 1: Check the liquidation status
Check the State Register of Legal Entities when liquidation was initiated and who the liquidator is. The liquidator is the key person — they manage the entire process, receive claim filings, and distribute the money.
Note: the date the liquidation notice was published (starts the deadline), the liquidator's name, contact address.
Step 2: Register as a creditor — within the deadline!
This is where 80% of chances are lost. You have a deadline (usually 60 days from publication of the notice) to file your claim registration. If you miss it — the claim is extinguished. You can no longer recover anything.
The filing must include: the amount owed, the legal basis (contract, invoices, court judgment), evidence (invoices, delivery receipts, correspondence). It's filed with the liquidator, in writing, with proof of receipt.
Send by email AND by registered mail with return receipt. Don't send electronically only — you want physical proof.
Step 3: Wait for admission or rejection
The liquidator analyzes the filing and issues a decision: admits the claim (in full or partially), or rejects it. If admitted — you're on the creditor list. If rejected — you can challenge it in court.
The challenge must be filed quickly — usually within 15 days of receiving the decision. Don't wait. Consult a lawyer.
Step 4: Participate in asset distribution
When the company's assets are sold, the money is distributed to creditors in the legal order of priorities. And here's the harsh reality:
- Liquidation expenses (liquidator's fee, taxes, publication) — paid first.
- Salary claims of employees — next.
- Budget claims (tax debts) — then.
- Commercial claims (of suppliers, like you) — last category.
Essentially, as a supplier, you're the last person to receive money. If assets are sufficient after everyone else is paid — you get paid. If not — you receive proportionally to what's left.
How to increase real recovery chances
The harsh reality: in liquidations with small assets, commercial suppliers often recover 10–30% of the claim. But there are strategies that can improve the situation:
- Check whether the liquidator does everything correctly. Some liquidators favor certain creditors or undervalue assets. A lawyer can verify and challenge.
- Check whether shareholders can be held liable. Under certain conditions (unpaid share capital, commingling of assets), shareholders are personally liable.
- Challenge undervalued assets. If the liquidator sells an asset at a suspiciously low price, you can contest the transaction.
When it's WORTH pursuing
Liquidation is worth tracking if:
- The amount is significant (over 20,000 MDL)
- The firm has real assets (real estate, vehicles, equipment)
- You registered on time and the claim was admitted
- You suspect irregularities in the liquidation procedure
If the amount is small and the firm has nothing — probably not worth the time. But even then, it's worth registering: if assets appear later, you're on the list.
Time is everything
The entire procedure depends on speed. Find out early. Register within the deadline. Challenge quickly when needed. Every day of delay means a lost chance.
If you have a debtor in liquidation or preparing to enter liquidation — contact us. We'll analyze the situation, verify the assets, and tell you honestly whether it's worth pursuing.