The consequences of failing to file a financial report or a report on operations of a corporate entity with the National Court Register or with the tax authorities for publication in early July 

In a few more days, the deadline by which capital companies whose financial year corresponds to the calendar year must submit their annual financial reports and reports on operations to the National Court Register and to their local tax authority will elapse.
Failure to make a timely filing may incur grave consequences for the company itself as well as for members of its governing bodies. These include:

  • A fine or a custodial sentence imposed on authority of the legislative Act regarding accounting;
  • A fine imposed on authority of the Treasury Criminal Code;
  • Initiation of injunctive proceedings by the registry court and imposition of a fine on authority of the legislative Act regarding the National Court Register.

In extreme cases (where its previous calls are ignored and no financial reports are filed for two consecutive years), the registry court, acting on an ex officio basis, may initiate proceedings geared at winding down of the company without previous liquidation proceedings.