Closing accounts during enterprise liquidation

Legal entities undergoing liquidation and deregistration with controlling authorities are not obliged to immediately close all accounts. According to part three of Article 111 of the Civil Code of Ukraine, during the liquidation of a legal entity, the liquidation commission or liquidator, before the expiry of the period for creditors' claims, must close all accounts in financial institutions, except for one - the liquidation account, which is used exclusively for settlements with creditors in the liquidation process. According to paragraph 11.9 of section XI of the Procedure for Accounting of Taxpayers and Fees, approved by Ministry of Finance Order No. 1588, the controlling authority at the main place of registration, upon request of the liquidator or liquidation commission, provides a list of accounts and electronic wallets of the legal entity that: * are registered with tax authorities; * do not have closing notifications as of the date of the request. In addition, information about open and closed accounts can be independently viewed in the private part of the Taxpayer's Electronic Cabinet. During the liquidation of a legal entity: * all accounts, except for the liquidation account, must be closed before the expiration of the creditors' claims period; * the liquidation account is closed after full repayment of all financial obligations.*