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When a corporation discontinues its business, its corporate personality is lost through a procedure of dissolution, liquidation, cancelation of authorization or permission, cancelation of business registration, and cancelation of the foreign-invested company registration, all of which takes about two months. It is impossible to shorten the period to less than two months since the period of notice to creditors must not exceed two months in accordance with Article 535 of the Commercial Act.
The process of dissolution and liquidation is required for the elimination of corporate personality. The grounds for dissolution are as follows, but in most cases, the dissolution is decided by a resolution passed at a general meeting of shareholders.
Grounds for Corporate Dissolution
Termination of the period of existence or occurrence of any events specified in the articles of incorporation
Order or judgment of a court
Division or merger after division of the company
Resolution passed at a general meeting of shareholders (by more than two-thirds of shareholders present and more than one-thirds of the total issued shares)