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Company Liquidation Services in Dubai, UAE

Company Liquidation in Dubai, UAE

The company liquidation in Dubai takes a long time. Company liquidation may be a time-consuming and challenging process. Still, our knowledgeable liquidators in Dubai, UAE can simplify all legal procedures and assist you with the Liquidation of your business. In Dubai, a firm liquidation happens when it lacks the finances to carry out its daily activities and operations or lacks sufficient earnings to break even and is in debt. When a corporation commits a crime or a major infraction, such as fraud or breaking laws and regulations, it is almost guaranteed to liquidate the company.

What is a Company Liquidation?

Company liquidation in Dubai is when a free zone company or LLC company stops all activities and winds up the company, and all assets are divided among creditors and shareholders. The process of dissolving a business is known as 'liquidation or 'dissolution.'

Why Do Companies Need to Liquidate?

In the UAE, there are two main reasons why a corporation may need to be liquidated:

  1. The initial objective for forming the business has been met, and the company is no longer necessary;
  2. The firm is considered bankrupt.

Liquidation – Our Minimum Fees AED 10,000

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company liquidator

What is the Role of a Company Liquidator in UAE?

A Company liquidator is a UAE-registered firm, generally, a chartered accounting or auditing firm tasked with selling the company's assets to get money and pay off any outstanding debts. In compulsory liquidation, a liquidator may be chosen by shareholders by resolution or by the courts. Immediately after being appointed, the liquidator will provide a formal letter of acceptance. They will write a statement of affairs and a liquidator's report once all of their responsibilities have been fulfilled, which are required to complete the liquidation process.

The following is a list of the roles that the liquidator should fulfill. They are as follows:

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Company Liquidation in Dubai

Documents Required for a Company Liquidation in Dubai, UAE

The Dubai government specifies the sorts of papers that must be provided as part of the liquidation procedure. These documents are necessary for the dissolution of a corporation in both free zones and on the mainland. The following are the required documents:

  1. A copy of the license
  2. Any modifications to the Memorandum of Association (MOA).
  3. Power of Attorney (if any)
  4. All shareholders' passport copies

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Company liquidation process in Dubai UAE

Company Liquidation Process in Dubai, UAE

Here are the Procedures for company liquidation that all businesses should take. The procedures listed below are not set in stone and can be altered to meet the needs and requirements of the organization.

  1. Obtain the necessary Documents to justify the Liquidation

    The first step is to collect the documents required to explain the Liquidation in the first place. It might be a notarized board decision (where most business directors/owners voted in favor of Liquidation) or a court order directing Liquidation.

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company liquidation services in Dubai UAE

How May Farahat & Co. Company Liquidation Services in Dubai, UAE Assist?

Firms must communicate with various external parties/authorities to organize things on time, and the liquidation process may be time-consuming and costly. Any step or Document that is missed will generate needless time and difficulty.

Farahat & Co. provides company liquidation services for all UAE entities, including LLCs, free zone businesses, and offshore companies, ranging from total Liquidation to aiding with a section or parts of the process, depending on the client's needs.

Frequently Asked Questions

What Are the Documents Required to File Corporate Insolvency?

Documents required in filing for corporate insolvency are as follows:

  • Completed cancellation form
  • Notarized partnership cancellation contract
  • Notarized general assembly minutes confirming company liquidation and appointment of liquidator
  • Official letter from registered company liquidator accepting liquidation duty

Note: other legal documents may be required to secure the required approvals of different government agencies in canceling a business license and liquidating the business.

What Happens When a Company Goes Into Insolvency?

When a company decides to go into liquidation, all of its assets are put into auction to repay its creditors. Its name is also removed from registries and the business is closed

What Are the Duties of a Company Liquidator?

Company liquidators have numerous duties and responsibilities to successfully wind up a company, including:

  • Open an account under the company’s name to deposit funds that can be reclaimed from selling off company assets
  • Take inventory of company assets and liabilities
  • Prioritize outstanding debts and divide assets between various shareholders
  • Repay loan taken
  • Represent the business in courts, if litigation is filed
  • Provide a report declaring assets of the business and settlement of liabilities