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Closing a co-operative

Last updated: 14 March 2024.

Close a co-operative

Coordinated register notification in Altinn

Close a co-operative

Coordinated register notification in Altinn

You report the closing of a co-operative in two steps.

At first, you report the dissolution. When the creditor deadline of 6 weeks has expired, you can report the closing.

Dissolution

The basic principle is that the annual meeting decides that the enterprise is to be dissolved.

Upon the decision of dissolution, the annual meeting may also elect a liquidation board. This board will replace the general manager and the existing board. The annual meeting can choose that the existing board is elected as the liquidation board.

There is no definite time limit connected to the dissolution of the company, but pursuant to the Cooperative Societies Act this should be done once the liquidation board has been elected.

You have to attach

  • the minutes from the annual meeting showing the decision to dissolve the enterprise and information about the liquidation board

If any new board members are elected for the liquidation board, these will have to confirm taking on the assignment. They can do this by signing the notification.

Closing

The annual meeting may decide to close down the enterprise when the creditor deadline of six weeks has expired.

Upon the decision to closing, the annual meeting has to approve the liquidation accounts. Co-operatives which pursuant to the Auditors Act have an auditing obligation, have to make sure that the liquidation accounts are audited.

You must attach

  • the minutes from the annual meeting showing that the liquidation accounts have been approved

If the enterprise pursuant to the Auditors Act has an auditing obligation, the minutes have to show that the approved liquidation accounts have been audited.

Revoking the dissolution

The annual meeting may revoke the decision to dissolve. In that case, any distribution of funds to the members, must be returned to the enterprise.

You must report the revocation to the Register of Business Enterprises as soon as possible.

In the event of a revocation, the annual meeting must also elect an ordinary board.

You must attach

  • minutes from the annual meeting showing the decision to revoke the dissolution and election of the board

If new board members are elected to the board, they must confirm that they take on the assignment. They do this by signing the notification.

Check what else you need to remember when closing down your co-operative.