Company Liquidation in Dubai
Closing a Company in UAE
Liquidation is a legal insolvency process in which an organization is brought to an end (also sometimes referred to as ‘winding up’ or ‘closing’ a company); all the assets are liquidated, and the proceeds from the selling of assets are used to resolve debts, pay bills and transfer to the company’s shareholders any remaining balance.
When a company is liquidated, it will end doing business and hiring individuals. A company’s business license is revoked when closing a company, the name is deleted from the Trade Register, and the corporation is declared to have ceased to exist.
If you do have a situation of winding up the business, get in touch with us as we will provide you with a hassle-free service for company liquidation in UAE.
Benefits of Company Liquidation in UAE
- Outstanding debts are written off
- Legal action is halted
- Workers will be entitled to demand redundancy pay
- Leases can be revoked
- Relatively low expenditures involved
Procedure For Winding Up a Company in Dubai
Business liquidation in Dubai & Abu Dhabi requires a trained approach and strict adherence to structured procedures. Let’s have a look at few steps that need to be taken during the liquidation services of the company in Dubai.
- Prepare a resolution for dissolution to wind up the company
- The nomination of the liquidator
- Letter of approval from the liquidator
- Attestation of the resolution by the notary public
- Submission of documentation to the Liquidation Initiation Authority
- The Newspaper Ads
- The clearance of immigration
- Labor approval
- Customs approval
- Certificate of bank account termination
- Clearance from all government agencies, such as RTA, Energy & Water and Telecommunications Authority, FTA, etc.
- Submission of the final liquidation report along with all other clearances
- The Authority will issue the final cancelation certificate and delete the trade name from the commercial register
Documents Required Initially for Company Liquidation in UAE
- Copy of Trade License of company
- Company’s Association memorandum copy
- Power of Attorney if necessary
- Copies of Emirates ID or passport for all partners, shareholders, and owners
- Deregistration application form
Why Company Liquidation?
The key reason a company would have to liquidate its assets is due to insolvency. Insolvency means, simply, that a company reaches a stage where it is unable to make the required payments as they are due. Choosing liquidation turns business assets into cash, which is then used to make these payments.
How Can Bytes Help You?
We are handling company formation and liquidation services in the UAE with excellent efficiency our professional approach. Unlike most other companies, we do not move the case to third-party service providers and handle it in-house from start to finish. We will allocate your case to a specialist who will assist you through the entire process. This has provided our clientele with additional confidence and peace of mind. We believe that every client deserves the ability to consult our professionals without thinking about prices. To learn more about UAE company liquidation facilities, please get in touch with our experts today.