Skip to main content Skip to search


company liquidation

The voluntary liquidation of a company with help from an accounting expert

The existence of an economic entity can reach a moment when its functioning is no longer justified, for reasons such as lack of economic activity, very low turnover, a reduced interest for the products/services provided by the company, or conflicts between associates or shareholders.

What is the solution?

The company’s associates or shareholders can choose to dissolve, liquidate, and delete the entity. It is a decision often hard to take, and of course, the people involved wish for a simple and fast solution that reduces money and time loss.

Formalities related to company liquidation can be simple or complicated, depending on how well associates/shareholders cooperate when it comes to the distribution of company assets. In many cases, the entity’s representatives opt for voluntary liquidation (without needing to assign a liquidator for the job), an action which can only be performed with the assistance of an accounting expert.

What you need to know about voluntary liquidation

Voluntary liquidation consists of a series of actions whose purpose is to terminate commercial operations taking place at the date when the company is dissolved, to collect company receivables, to transform company goods into money, to pay company debt, and to divide net assets between associates.

The liquidation of trading companies is subject to the general principles stated by Law no.31/1990:

• The legal personality of the company subsists for liquidation needs.
• The liquidation of the company is performed in the interest of the associates.
• The liquidation of the company is compulsory and not optional.

After submitting the application together with the Shareholders General Meeting decision to dissolve and liquidate the company voluntarily, company representatives need to wait for 30 days after publication in the Romanian „Monitorul Oficial” (Official Gazette), a stage which also lasts between two and four weeks. Therefore the voluntary liquidation lasts an average of two months.

What are the steps of voluntary liquidation?

  1. Paying debts to third parties
  2. Recording in the company’s accounting all operations related to the decision to distribute remaining assets
  3. Preparing the balance sheet prior to liquidation
  4. Calculating liquidation-related taxes
  5. Completing the liquidation balance

The dissolution decision represents the process of ceasing activities and opening the procedure of social patrimony liquidation. From the moment when the entity is dissolved, it is no longer possible to undertake new operations; the prohibition is applied from the expiry date of the company or from the date when dissolution was decided by the Shareholders General Meeting or declared by court order. The company maintains its legal personality until all liquidation operations are completed.

Deletion – the last stage

Deletion is the last stage and its consequences are the elimination/deletion of the economic entity from the Trade Register and the definitive loss of legal personality. The following documents need to be submitted to the Trade Register:

  • deletion application
  • the registration certificate and the authentication certificates in original (“certificat de inregistrare” and “certificat constatator” in Romania)
  • the balance sheet prior to the liquidation balance – here are established the distribution of the company assets and the taxes resulting from liquidation
  • the liquidation balance, certified by the Financial Administration, and showing that the company has no debts to the state budget and to social contributions

Voluntary liquidation without the need of a company liquidator (more precisely, called simultaneously dissolution and liquidation according to article 235 of Law 31/1990) is the simplest solution. By choosing this liquidation type you don’t need a liquidator, but you need an accounting expert.

Consulting an accounting expert before starting voluntary liquidation operations is vital. You can benefit from this service by calling to Integrum, and our accounting experts will undertake all the actions needed to complete this stage of your economic entity’s life while also choosing the best solution in terms of tax and accounting.

Read more

The accounting expertise – what you should know about it (even if you are not an accountant)

The accounting expertise is one of the most demanded services at Integrum and also one of the best-known accounting works. If you require accounting expertise for your company, here is some information about this piece of work completed by professionals in the field and its role in today’s business environment.

The definition of expertise

The expertise is a piece of work regulated by the Code of Civil Procedure (art. 201, 204-214), employed any time the opinion of specialists is needed in order to clarify certain circumstances. The expertise can draw conclusions that are relevant both in civil and commercial matters.

What the accounting expertise is

The accounting expertise is a piece of work determining the accuracy and correctness of accounting data and tax-related calculations. It also analyzes the application of legislation in force and it can be used by courts and managers throughout decision-making processes. The expert accountant checks registers, accounts, and supporting documents of the trader and provides the required information to interested parties.

Accounting expertise types

Depending on its destination, the accounting expertise can be:

  • Judicial – required by judicial bodies to solve a cause;
  • Extrajudicial – required by interested individuals or legal entities, in the absence of an investigation or trial file. The parts demanding expertise choose their own accounting experts and establish the objectives these specialists need to attain.

What the research object of the accounting expertise is

This piece of work can have any of the following research objects:

  • Aspects of the economic and financial situation of the patrimony and its capacity to generate profit. For this purpose expert accountants analyze primary documents and technical-operative and accounting records to determine whether the patrimony is administered correctly or not.
  • The behavior of managers and other members of functional or production departments – if they fulfill their job duties adequately.
  • The research of a set of accounting documents and normative acts.
  • Establishing negligence and abuse of service caused, for instance, by failure to perform contractual obligations.

It can explore all accounting records or just a part of them

Depending on beneficiary needs, the accounting expertise can investigate all the accounting records in a company or a part of them. The accounting expert needs to provide documented answers to each question and to determine the correctness of every piece of analyzed record. Conclusions need to be formulated in such a manner as to take into account the legislation, the regulations in the field and the objectives set by the beneficiary.

It can be part of a lawsuit

The accounting expert can provide consultancy to the judge to help them solve specialized issues and clarify certain process circumstances. In this case, the expert does not replace the judge and neither is he or she a witness. The accounting expert is appointed by the court and needs to fulfill certain conditions, such as not receiving gifts or being promised gifts by one of the parties and that he or she, the spouse, their ascendants and descendants not have any interest in the judgment of case, among others.

It can be used for solving criminal matters

When the justice system has an interest to check economical information, the accounting expertise can be used for criminal matters, with the purpose of uncovering the truth. The case is clarified in all aspects based on evidence such as statements, writings, audio or video recordings, findings, or expertise  (such as the accounting expertise). The accounting expert needs to invoke only events and transactions that can be substantiated by documents, and which are causal to the objectives set by the court, without any other personal intervention.

Judicial expertise can benefit from the participation of a consulting accounting expert as well

These experts will take part in the completion of accounting expertise and provide assistance to the designated expert. They can share the opinion of the expert appointed by the court or can have a separate opinion and sign on the expertise report as such. A service contract is closed for the work in question.

The extrajudicial expertise helps to justify decisions

Independent accounting professionals clarify economical and financial aspects and address various issues. An extrajudicial accounting expertise can be useful in situations such as:

  • Choosing the right business and trade partners – the expertise can be completed without needing their approval, based on financial situations they have published.
  • The conciliation of business transactions. When the implementation of commercial contracts generates conflicts, it is possible to resort to the courts or to the arbitration of an accounting expert agreed by both sides.
  • Offering preliminary basis for actions to be brought to justice. The accounting expertise ensures the quality and lawfulness of information and serves as means to substantiate arbitral proceedings carried out by the justice system.
  • Offering preliminary basis for actions to challenge administrative control acts with the purpose of reducing costs and saving time.

The accounting expertise is a major act of responsibility through its nature and objectives and due to the fact it provides information from the complex world of business. If you need an accounting expertise for the enterprise whose owner or employee you are, you can rely on the specialists at Integrum. We will draw the conclusions you need to make correct and informed decisions that will contribute to your business’s success.



Read more

How to choose the right accountant for your business

When your business is growing, or, on the contrary, is facing difficult times, it is high time you called to the services of a chartered accountant. According to the Romanian definition of a chartered accountant (included in OG65/1994), this type of professional can assist you with the following activities: bookkeeping and accounting supervision, completing economical and financial analyses, running financial and accounting audits, handling various financial and accounting tasks in your company, completing attributions included in the censor mandate of trading companies, and offering specialist assistance with setting up and reorganizing trading companies among others.

Therefore, the accountant plays a vital role in a company, but how do you choose the one best suiting your needs and requirements? We have some suggestions for you:

Consider the area where they operate

Nowadays, it is possible to collaborate with a chartered accountant remotely – there are numerous communication means and cloud accounting software enables you to work together in real time, without having to transmit files via email or exchange information over the phone.

In case you deem it necessary to meet your accountant face-to-face several times, we advise you to choose an expert from your area. For instance, Integrum provides services in Iasi and nearby, but can also offer consultancy to clients from other parts of the country or abroad.

Check the accountant’s accreditation

In order to benefit from the best accountancy services in Romania, choose an accountant who is a CECCAR member (CECCAR stands for the Body of Chartered Accountants and Authorized Accountants in Romania). Advantages of collaborating with a CECCAR accountant include:

  • The fact that chartered accountants, in the exercise of profession, are responsible from multiple points of view – disciplinary, administrative, civil, and criminal, according to the law;
  • Continuous development of professional conduct and constant training;
  • Following ethical principles without needing sanctions to do so;
  • Assuming the responsibility of acting for the public interest;
  • Meeting a set of criteria of a good chartered accountant, described in the “National ethical code of accounting professionals”, CECCAR Publishing House, Bucharest, 2011.


If other professionals or companies have been satisfied with the services provided by the chartered accountant you plan to hire, you will probably be happy with their work as well. Sources of information on this topic include online reviews, testimonials, and, of course, word-of-mouth.

Their attitude towards work

It is easy to make the difference between someone who loves their work and someone who loathes Monday. How does the accountant speak about the services they provide? Are they enthusiastic and interested in their work, or are they constantly complaining about the difficulties of their profession? We think you already know what kind of professional you want to work with!

How experienced are they?

It is recommended to find out for how long the accountant has been working in the field and to check their professional experience. An experienced accountant will be able to understand the complexity of your company operations, so ask for their resume or better yet, look up their profile on LinkedIn, the largest professional network.

What kind of accounting software do they use?

Some clients prefer an accountant who is using the same type of software as their company, in order to avoid potential problems related to data exchange. However, by calling to Integrum, you won’t have to worry about this aspect. No matter what accounting program you are using, Integrum will be able to import your databases without errors or data losses.

Choose someone who is also a consultant

A good chartered accountant should also be an adviser. He or she should be able to do a lot more than bookkeeping; the benefits you should enjoy are reducing costs, having the support of a genuine business partner, being offered development ideas, and obtaining fresh and accurate information on the latest legislation changes that could affect your activity.

Use your intuition

Last but not the least you will want your chartered accountant to have the same style as you and to be compatible with you and your employees. It’s not just about their skills – you need to have the same view on business and to be able to connect at a professional level.

They say that we make a first impression of a new person within the first 90 seconds of meeting them – in your heart you have probably taken a decision after the first handshake. Now it’s time you used our advice to see if you are right about the accountant you are interviewing.



Read more

How a chartered accountant can benefit your company

Accountancy has been used since the first half of the 19th century to diagnose the society’s wellbeing along with the wealth of economic enterprises. Proper accounting has made it possible to assess income and expenses, thus obtaining an image of the future of a company and making it easier to determine the right development strategies.

Accountancy has a vital role in the effective management of a company because professionals in this field measure the net worth of an economic entity and contribute to the upward trend and the continuity of its operations. Good accounting employs a set of specific human resources which are responsible for collecting and processing data needed to manage and control activities in a company.

Accounting implies judging the past correctly, masterly guiding the present, and offering education and counseling for the entity’s future. In order to have such a perspective on business, one needs both theoretical training and experience. Keep on reading to discover some of the benefits of collaborating with a chartered accountant:

Saving money by avoiding unnecessary taxes

One of the roles of a good accountant is helping the company to avoid excessive taxation.  A specialist in this area will advise you on the type of organization you need to choose, on tax incentives, and on the benefits you can offer to employees without being burdened by taxes. Moreover, you will no longer have to read complicated documents and guides on taxation, while still worrying you have missed something – your accountant will take care of these matters and will be prepared for any problem that may arise.

Avoiding penalties

If good accountancy is not a priority for your business, don’t be surprised if you need to support penalties. A good accountant will maintain paperwork up to date, will keep track of tax deadlines, and will make sure you never exceed the deadline for any promise of payment.

Ideas on how to develop your business

An experienced accountant is a source of wisdom and know-how, constantly providing valuable ideas on how to develop your company. These professionals are familiar with the ins and outs of your business and are genuinely interested in helping you to succeed, because your success is their success too.

You can concentrate on your work

Nowadays, it is unthinkable of an entrepreneur to handle all the administrative aspects of their company. Time is a scarce resource for all of us and in many situations it is more effective to outsource some activities, such as accountancy, rather than reinventing the wheel all alone. Furthermore, the knowledge you need in order to ensure proper accounting for your company is quite vast, and only an experienced accountant can handle in a correct and efficient manner aspects such as taxation, bookkeeping, evaluating results, and many others. Instead of stealing time from your business, call to a specialist who can do the job fast while you can concentrate on running a successful company.

In the end, collaborating with a chartered accountant means that everyone is happily doing their job: the entrepreneur is spending his or her time looking for ways to increase business value, while the accountant is providing financial-accounting services and is using their proficiency to ensure the well-being of the enterprise and the prosperity of their client.




Read more

Having an internal financial department or outsourcing accountancy services?

Given that events taking place in one part of the world have more and more ample consequences on businesses and issues in other parts of the world, outsourcing financial-accounting operations becomes the perfect solution when you want to make the right decision for your business. Being provided with the correct information regarding any legal change related to taxes and accounting at a local and international level in due time can have a major influence in the way you design and build your business development plan.

Read more

Why choose INTEGRUM?

A simple Google search using the keywords „accountant in Iasi” or „accounting consultant in Romania” will produce a large number of results. There are many companies which can assist you with bookkeeping or accounting expertise, but not all of them will be able to deliver services at the same level. On the other hand, choosing the right accounting consultant will have a major influence on your business and its operations. We believe that at Integrum you will enjoy the best accounting services for the following reasons:

Read more