Company Liquidation Service in Dubai : Dubai is considered as a business destination for many. With abundant opportunities, it attracts novices and experienced businessmen to it. But, certain unforeseen circumstances and poor market response may hinder your business growth or cause financial difficulties. In some scenario, it is advisable to initiate the liquidation process for your company. Certain cases may be dictated via a mutual agreement to end the business, this requires the shareholders or the court to hire a liquidator who will initiate and conduct the liquidation process of your company. This process may typically include deregistering your company and selling assets. In UAE, it requires a certified and regulated liquidator to initiate and conduct the process.

This process may become a hassle if one does not hire an appropriate agent. A typical liquidation process includes finalizing the company affairs, looking up of liquidation stock, selling or distribution of assets to shareholders and creditors.

When the daily business transactions are not conducted and creditors not being paid, the liquidation process for a company may be initiated. In a few cases, Dubai regulatory agency may impose liquidation if it believes your company has committed an offence. In some cases, the creditors may file for liquidation, while in a few this may be initiated voluntarily by the shareholders to end the business.

A board meeting is scheduled to draft the procedure for liquidation and appoint a liquidator. In case of imposed liquidation, all this is dictated via a court order.

An official document which proves that the liquidation has been initiated is among the first of the documents required. It should also contain the details of the appointed liquidator. It is important to notarize the documents. Besides the original company registration documents, liquidators credentials must also be provided.

A business is then required to cancel special permits and licenses obtained in Dubai to conduct business activities. Branches of the company in Dubai are also required to provide their documents from the parent company in original. A checklist of the documents is given below:

Once this process is initiated, the company is erased from the Trade Register and it’s trading license revoked. The foreign investors of the company may face visa annulment. An official announcement signed by the liquidator regarding company dissolution is released. Get in touch with our experienced attorneys in Dubai for an in-depth analysis, and knowledge of legal terms involved in the liquidation process for a company.