Company Liquidator | Company Liquidation in Dubai | Closing company in Dubai
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Company Liquidation in Dubai, UAE

Company Liquidation Services, Wind Up & Deregistration

We are one of the leading liquidators in Dubai with a wide experience in the field. We have done a lot of liquidation of company in dubai, UAE  in the past, guiding business people step-by-step with the company liquidation process.

We have an in-house liquidator regulated by the Courts in Dubai, UAE and the DIFC authorities in Dubai. The liquidation and deregistration of company proceedings, especially the physical part, can be very complicated and lengthy. We at Farahat & Co. can deregister your company in a smooth manner within a short period of time.

Liquidation – Our Minimum Fees AED 10,000

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company liquidator -تصفية الشركات

Liquidation of Company in Dubai & Deregistration of Company

There are cases that companies are not any more functional or there is simply a mutual agreement that it should be the end of a certain business. If your organization is in a situation like this, it can be expected that it’s going to be a dissolved company in the near future. There are a couple of other names that liquidation is known for, such as winding-up or dissolution (which is the final step of the process) or deregistration.

Tell-tale early warning signs of insolvency in business can be noticed by anyone, especially the employees themselves. Sometimes it lurks around the building itself or it is obviously seen in the financial statements or records of the organization. Having not enough funds to carry on with the day-to-day transactions of a firm, or failure in paying creditors with overdue debts, or a serious offense that has been done by the side of the company are some of the major causes for a closing company in Dubai, UAE or for shareholders or the owner himself to decide to go with a liquidation.

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liquidation of company in dubai -خطوات تصفية الشركات في دبي

Liquidators in Dubai

For simplification, a liquidator is a person who is appointed by the shareholders or the court to gather and conduct the requirements and process of company liquidation in Dubai and deregistration of company, winding up a dissolved company in the act of selling its assets. Most countries’ requirement for liquidators, known to us, are certified and regulated one and the UAE requires the same.

The job of the liquidator once began, is to have the organization’s assets be sold and pay the creditors with the income from the sale. If there is any money left afterwards, the rest would be fairly distributed to the shareholders. In addition, liquidators are also expected to bring and defend lawsuits.

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Liquidation services in UAE -تصفية الشركات في دبي

Company Liquidation Process

The below list is the entire process of the liquidation of company, and as one of the top liquidators in Dubai, we can aid you from the start all the way through. The requirements and task execution of voluntary liquidation or closing company in Dubai and deregistration in Dubai, UAE, are as follows:

  • Nominate a liquidator—must be a regulated auditor
  • The board of the company has to issue a resolution that the company is under liquidation, appoint a liquidator, and mention the name and address of the appointed liquidator.
  • The appointed liquidator must announce a brief of the board resolution and the liquidation in two local newspapers.

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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 in order 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