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Freezone Company Liquidation

Freezone Company Liquidation

A company’s Liquidation or closure is when a corporation or business entirely shuts down all of its activities and distributes all of its assets and properties to its creditors and shareholders.

Free Zone Company liquidation in UAE is a defined process that entrepreneurs must follow in the case of a company’s closure.

Specific procedures must be followed for a seamless company liquidation in the UAE. We know how to assist you in a seamless liquidation of your company or organization. The process is also known as corporation de-registration.

The conditions listed below must be met to liquidate a business or company in the UAE. The requirements may differ from one free zone to the next, but most of them will be the same. We can assist you in completing this problematic chore in any of the UAE’s free zones.

What is Company Liquidation?

Company Liquidation is when a debt-ridden firm shuts down operations and sells its assets to pay off its debts and other commitments. It is liquidated when it is determined that a firm can no longer operate. It might be due to various factors, including insolvency (which is generally the primary cause), a refusal to continue operations, and so on.

If a company goes bankrupt, the liquidator sells the firm’s assets to pay off all debts. After repaying the creditors, the remaining positive balance is dispersed to the company’s shareholders.

A liquidator is a person who has been appointed to dissolve a business and put it out of business. This individual is in charge of selling assets to pay off the company’s internal and external debts.

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company Liquidation

Various Types of Liquidation of Limited Companies

A company’s Liquidation can be accomplished in three ways. All of these situations necessitate the services of a liquidator.

The shareholders and directors begin the voluntary liquidation procedures, Creditors’ Voluntary Liquidation (CVL) and Members’ Voluntary Liquidation (MVL).

Creditors frequently begin the mandatory procedure, similar to a court order.

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Free Zone Company liquidation

Requirements for Free Zone Company Liquidation in Dubai

Company Liquidation in Dubai follows a specific procedure depending on the business jurisdiction. The Free Zone Company liquidation procedure in Dubai comprises a series of actions that the entrepreneur must do to guarantee a smooth company liquidation in the UAE.

• There must be no obligations in the firm.

• All current visas must be revoked.

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Company Liquidation

Process Involved in a Free Zone Company Liquidation

Each free zone has different liquidation procedures, but most of them follow the same procedure. The following steps are required for free zone company liquidation in the UAE.

Step 1: To get a signed board or shareholder resolution.

It is necessary to have a signed Board or Shareholder Resolution in which all partners agree to terminate the organization. Upon filing the company termination request, all power and obligations of the company’s

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company liquidation services in Dubai

How Long Does a Company Liquidation in the Free Zone Last?

If all other procedures and formalities are followed, the liquidation process might take 45 to 50 days. A free zone will have a single point of contact to close down the business, but a mainland business will need permissions from different departments located across the country.

Hire the Best Registered Company Liquidators in Dubai

If you want to liquidate your Free zone Company in the UAE, you can choose Farahat & Co., a reputable Company Liquidator in UAE.

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