Our range of services for companies
An exception applies to dissolution due to insolvency: in this case, no liquidation procedure in the sense described here applies; instead, the winding-up procedure provided for in the Greek Insolvency Code (Law 4738/2020) applies.
The general grounds for dissolution of commercial companies include, in particular: the expiry of the company’s duration as set out in its articles of association, a resolution of the shareholders passed with the requisite majority, termination by a shareholder (in the case of partnerships), and the loss of legal capacity of a shareholder (in the case of a general partnership, OHG/OE).
The liquidation procedure begins with the publication of the dissolution. The liquidators – appointed by the dissolution resolution or a provision of the articles of association – must promptly prepare an opening liquidation balance sheet as well as an inventory of all assets, obligations, and claims. The aim of every liquidation act is to wind up the company as quickly as possible: the company’s receivables must be collected and its liabilities settled. Uncollectible receivables are generally written off; to settle liabilities, the shareholders may make additional contributions, or the business may continue on a limited basis for the purpose of the winding-up.
Once all outstanding matters have been settled, the remaining company assets are distributed proportionately to the shareholders and a closing liquidation balance sheet is prepared, which must be published with the commercial registry and the tax authority.
FAQ
Answer: All companies, whether merchants or corporate entities, must initiate a liquidation procedure immediately upon their dissolution. An exception applies to dissolution due to insolvency proceedings; in that case, the winding-up procedure provided for under Greek insolvency law (today: the Insolvency Code, Law 4738/2020) applies instead.
Answer: General grounds include, in particular:
- Expiry of the company's duration as set out in its articles of association;
- A resolution of the shareholders passed by a qualified majority;
- Termination of the company by a shareholder (in the case of partnerships);
- Loss of legal capacity of a shareholder (general partnership, OHG/OE).
Answer: The liquidation procedure is opened immediately upon publication of the company's dissolution. For most legal forms, this publication is now made electronically through the central companies registry Γ.Ε.ΜΗ. (rather than, as was previously customary, exclusively through publication in the Government Gazette, FEK).
Answer: The liquidators must prepare an opening liquidation balance sheet as well as an inventory of all of the company's assets, obligations, and claims. Their actions must be aimed at winding up the company as quickly as possible.
Answer: A liquidation procedure can take several years, since the full collection of receivables and settlement of liabilities is often time-consuming.
Answer: Uncollectible receivables are generally written off. Liabilities are settled either through additional capital contributions by the shareholders or through continuation of the company's activities (for the purpose of generating profit) – such continuation serves solely the purpose of the liquidation.
Answer: Once all outstanding matters have been settled, the remaining assets are distributed to the shareholders according to their respective shares. A closing liquidation balance sheet is then prepared and filed with the companies registry (Γ.Ε.ΜΗ.) and the tax authority.
As of June 2026. All information on these pages is provided without guarantee or liability.