On 22 October 2019, the National Council of the Slovak Republic approved the amendment to the Commercial Code which, among others, also amends the Accounting Act with effect from 1 October 2020:
The amendment will bring the concept of “additional liquidation”. In case of an additional liquidation, a trading company and a cooperative become an accounting unit, once re-incorporated in the Commercial Register. An accounting period of such entity shall begin on the registration re-entry date in the Commercial Register, and end on the date of the deletion of the entity from the Commercial Register due to the termination of additional liquidation.
Moreover, the obligation of entities to close the books shall be extended for the following reasons:
- as of the date of publication of notice of the entry into force of the resolution to dismiss the bankruptcy proceeding for lack of assets,
- as of the date of the cancellation of an entity from the Commercial Register, provided that a decision to cancel the entity was issued, and a notice of assumption of the entity’s bankruptcy published, or a proposal submitted to appoint a liquidator, along with lodgement of security, without even filing a bankruptcy order against the assets of the entity.
In the case of deletion of a trading company or cooperative from the Commercial Register, the statutory body that was entered in the Commercial Register as the last before the deletion of the trading company or cooperative from the Commercial Register shall be held responsible for storing relevant documents in the register of final accounts. If special cases occur, when an entity is cancelled without liquidation, an obligation to file financial statements prepared as of the date of the deletion of the company or cooperative from the Commercial Register shall also originate to the statutory body last incorporated to the Commercial Register.
