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 Got rid of your Company yet??

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oldun
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PostSubject: Got rid of your Company yet??   Mon Apr 30, 2012 2:54 pm

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I was wondering if anyone has gone through the process of closing their Company and changing their property into their own name yet. My lawyer has told me I can do this now whenever I wish, but I am hesitant in case the costs will be high and if there will be any benefit except for doing the annual tax returns. Would it make property more desirable for potential buyers to be worth the effort do you think?
This topic might tie up with some potential buyers on this forum who might benefit from some answers so they will be primed if an agent doesn't mention this! It is EU ruling that foreigners can buy in their own name as of this year.
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oddball
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PostSubject: Re: Got rid of your Company yet??   Wed May 30, 2012 8:25 pm

Agree with you Oldun and Lisa. Just sit and wait look what happened with re registering the company cost me 300euro and for what - it was not a necessity after all - the lawyers are scaremongers and naturally you think they know best. I too have decided to wait.

Oddy

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fido
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PostSubject: Re: Got rid of your Company yet??   Thu May 31, 2012 7:12 am

I emailed my solicitor a couple of months ago. She said she was not offering this service yet as she was waiting for others to set precedents in case law. For me it might be more worthwhile to scrap the company as I'm not living in Bulgaria so I'm not available to sign the accounts.

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PostSubject: Re: Got rid of your Company yet??   Mon May 13, 2013 10:22 pm

[size=50:1fl5o9vk][You must be registered and logged in to see this link.]
utm_medium=feed&
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Liquidation of un-reregistered companies now has started

The long wait for the compulsory company liquidation of un-reregistered companies is now over. It has been one year and four months and the Registry Agency is finally ready with the paperwork and the procedures for liquidation of un-reregistered companies. The Company Register Act has been amended accordingly end of 2012, so technically the liquidation could have been started.

The problem with un-reregistered companies is that the Brits who have bought properties before 2012, bought it though a limited company and because they failed to re-register the limited company, it is now subject to compulsory liquidation. This means that there is a real thereat that those Brits can lose their property unless they take control of the compulsory liquidation process.

Liquidate your limited company and keep the property on your own name

Owners of un-reregistered limited companies now can take control of the wind up process by submission of application for appointing a liquidator and start of the liquidation process. As solicitors who specialise in liquidation and having Milen Hristov, who officially registered liquidator in the list of liquidators in the Company Register of Registry Agency, we are well prepared to handle your limited company liquidation. We are constantly looking for Company Register Act amendments and are ready to react immediately and accordingly so that we can protect your rights in the liquidation process.

If your company is un-reregistered and you don’t know what to do, contact us and instruct our solicitors to initiate the liquidation. Our current clients want either to sell their property since they are not interested in owning anything in Bulgaria anymore, or they just want to transfer the company property to their own name.

Transferring the company property to own name

Many Bulgarian solicitors offer the service ‘transfer property to own name‘, but what they actually offer is ‘sale’ of the company property to own name. This is basically a fictive sale where your company transfers the company property to the shareholders in the form of title deed sale document. Because of the high conveyancing costs, the sale price is reduced to the bare minimum – the tax value of the property. However this fictive sale is dangerous as this could trigger some negative consequences such as tax checkes by the National Revenue Agency due to the suspiciously low sale price and even can trigger international tax evasion checks with collaboration with the HMRC. As a second negative side of this fictive sale we should point out the criminal liability of declaration of false facts in the title deed. Pursuant to Art .313 of the Criminal Code the declared lower price of the transfer can bring criminal liability to the person signed the title deed i.e. the company shareholder and the ‘buyer’. Nobody wants to go to prison for saving a few pounds of a property transfer to own name and liquidation of his limited company.

The proper way to transfer property to own name in the company liquidation

No need to use fake sales if you want to keep the property to yourself. Our liquidation professionals will use the regulations of the liquidation procedure to transfer the property to your own name. The procedure is not so familiar among the regular conveyancing Bulgarian solicitors so that’s why many of them will deny its existence. This doesn’t mean you have to use the fake sale. For the amount of £600 (*subject to preliminary documents review) you can liquidate your company and transfer the property to your own name.

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expatinchina
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PostSubject: Re: Got rid of your Company yet??   Tue May 14, 2013 2:04 am

As someone looking to purchase property in the coming couple of months, I would be unwilling to take over a company. It would certainly deter me as a buyer.
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Phil-H
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PostSubject: Re: Got rid of your Company yet??   Tue May 14, 2013 4:10 pm

[You must be registered and logged in to see this link.] wrote:
As someone looking to purchase property in the coming couple of months, I would be unwilling to take over a company. It would certainly deter me as a buyer.
Same here, I would constantly be thinking and wandering if I was also letting myself into other problems later on, so maybe not getting off to a such a nice start as I would like.

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expatinchina
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PostSubject: Re: Got rid of your Company yet??   Tue May 14, 2013 4:16 pm

[You must be registered and logged in to see this link.] wrote:
[You must be registered and logged in to see this link.] wrote:
As someone looking to purchase property in the coming couple of months, I would be unwilling to take over a company. It would certainly deter me as a buyer.
Same here, I would constantly be thinking and wandering if I was also letting myself into other problems later on, so maybe not getting off to a such a nice start as I would like.

I think for me it's more the ongoing hassle and cost of filing when buying the company-it defeats the point of the legislation changes that enable you to buy without a company! It's just another layer of complication I don't want to have to deal with.
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Edna Bira
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PostSubject: Re: Got rid of your Company yet??   Thu May 16, 2013 8:40 am

One thing to consider, if the UK pulls out of Europe in the "
promised"
referendum after the next election, where would it leave those that bought without (or liquidated) a company, afterall we wouldn't be members of the EU so not entitled the privileges. ????????????????????
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oldun
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PostSubject: Re: Got rid of your Company yet??   Fri May 17, 2013 12:30 pm

If Bulgaria pulls out of EU which is unlikely, things will go back to how they were back in 2004 when we bought and had to set up a Company! No-one will be kicked out. Can't think of any other changes. Oh back to the old and expensive Lichna Karta too.
As for buyers worrying about owning a Company belonging to the seller. Surely they will buy (while Bulgaria is in the EU) in their own name and leave the Company in the sellers name to dispose of or not if they so choose. The buyer will not automatically take on the Company. Having already sold one house here the buyers did so in their own names. We will probably sell and close our Company at the same time to save costs although as we are off to Britain and have no intention of returning to Bulgaria - why bother? [You must be registered and logged in to see this image.]
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PostSubject: Re: Got rid of your Company yet??   Fri May 17, 2013 5:25 pm

[You must be registered and logged in to see this link.] wrote:
If Bulgaria pulls out of EU which is unlikely, things will go back to how they were back in 2004 when we bought and had to set up a Company! No-one will be kicked out. Can't think of any other changes. Oh back to the old and expensive Lichna Karta too.
As for buyers worrying about owning a Company belonging to the seller. Surely they will buy (while Bulgaria is in the EU) in their own name and leave the Company in the sellers name to dispose of or not if they so choose. The buyer will not automatically take on the Company. Having already sold one house here the buyers did so in their own names. We will probably sell and close our Company at the same time to save costs although as we are off to Britain and have no intention of returning to Bulgaria - why bother? [You must be registered and logged in to see this image.]


I think Edna Bira is referring to the UK pulling out not BG. If the UK pulls out of Europe in the "
promised"
referendum after the next election,
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expatinchina
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PostSubject: Re: Got rid of your Company yet??   Fri May 17, 2013 6:10 pm

Yes Oldun - I am currently double checking with legal sources in BG whether a company set up purely for the purpose of land ownership can just sell its assets to the buyer so that the seller is left with the company. Whether the company can claim asset depreciation as a way to offset any costs/taxes though - who knows.

Re the UK pulling out of the EU then thats been talked about for many years, obviously I'm not there on the ground but from a global financial perspective, I personally don't see it happening. Big business pulls the strings, not the man on the street. Never say never though.
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itchyfeet
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PostSubject: Re: Got rid of your Company yet??   Fri May 17, 2013 6:34 pm

I am glad that we bought our property last year in our own name, but I must admit the EU Referendum situation would be a bit worrying with regard to what will happen if Britain pulls out.
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oldun
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PostSubject: Re: Got rid of your Company yet??   Sat May 18, 2013 8:47 am

Sorry Ednabira - yes if the UK or Bulgaria pulled out British pensions would be frozen again for a start.
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PostSubject: Re: Got rid of your Company yet??   Sun May 19, 2013 6:25 pm

Hi Guys

I have asked our sponsor Borislov at Nominal Ltd to look into this for us - Once he has all the pros and cons here will let us know - Personally I will be guided by him. [You must be registered and logged in to see this link.] g

Oddy s

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