Company liquidation, or the process of shutting down a business, necessitates several essential procedures. From the start of the winding-up procedure until the final drafting of the statement of affairs and liquidation report, the business consultants at Dubai Information Centre can assist you.
There are few instances where formerly active businesses have ceased to exist. It could possibly be that the company is wound up at the end of its contract term. In both circumstances, the corporation will be dissolved soon, necessitating the assistance of a competent company liquidation specialist to lead you through the process until it is deregistered.
The liquidation could turn out to be a tedious process if it is not handled by a professional company liquidation expert. In this set of procedures, there will be solid finalization of the company’s affairs like the liquidation of stock/assets, assessment of past commitments, and fair distribution among the shareholders, creditors, etc.
As per the commercial law of the United Arab Emirates (UAE), the liquidation should be done, or the company may be liquidated and deregistered in any one of the following cases:
- When there is a situation, the majority of the shareholder’s agreement decides to liquidate the company.
- If the company is showing a loss which is half of the authorized capital.
- If there is a court ruling to dissolve the company.
Some exceptional cases, where an important member of the company exits and the shareholders decide to wind up the operations.
If you need assistance with liquidation in Dubai, please contact us at Dubai Information Centre. We would be glad to assist you with the procedures involved in liquidation in Dubai.
To find more about company liquidation in Dubai, speak to our consultants for free.