Company Liquidation Services
Company liquidation encompasses the process of ending the business operations and closing down a company due to many unfortunate reasons. The end of business operations and closing down a company involves numerous tasks such as distributing the organizational assets to the distributors and shareholders.The liquidator carries out the entire process of company liquidation. The court or shareholders appoint the liquidator as per the type of company liquidation.There are numerous tasks and activities to be carried out by the liquidator.
What are the prime responsibilities of a Liquidator?
The liquidator holds the prime responsibility to make informed decisions and carry out each task involved in the process of any Company Liquidation.
The initiation of the company liquidation process is done by the liquidator. The liquidator is required to accept the appointment letter sent by the shareholders and the owners to start the tasks and activities involved in the process.The liquidator publishes the news of the company liquidation in two local newspapers in both English as well as the Arabic language.The liquidator distributes the company assets and settles all the liabilities.The liquidator prepares the statement of affairs and also a Liquidator’s report during the final stage of the process.
What are the different types of Company Liquidation?
Compulsory Liquidation:-
The Company is said to undergo a compulsory liquidation process when they receive a Court Order to wind up all the business operations and liquidate the Company. The organizational assets are distributed amongst the creditors and other stakeholders of the organization based on the priority of their contribution towards the organization.
Voluntary Liquidation:-
When the shareholders of the Company decide to wind up the business operations of the organization and liquidate the Company because they do not have enough money to pay to the creditor and run the business, it is said to be known as Voluntary Liquidation. The creditors are given the topmost priority in Voluntary Liquidation.
What are the documents required to carry out the Company Liquidation in Dubai, UAE?
The Government in the UAE enlists numerous documents to be submitted throughout the process of Company Liquidation.
The critical documents required to carry out the Company Liquidation process in both Free Zone as well as Mainland are:-
- The Power of Attorney has to be provided if the organization possesses such a document.
- Proof of their Emirates Identity
- Proof of their License
- Application for de-registration
- Copies of the passport of all the shareholders
- Proof of the Memorandum of Association
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