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Liquidations.

Best Liquidations Services in Dubai, UAE

Company Liquidation Services in Dubai

Solving any complexities of company liquidation in Dubai needs extensive attention and expert guidance. Our company liquidation services are designed to provide legal services and minimize potential liability.

Understanding Company Liquidation

Liquidation is a process of winding up a business and distributing its assets to shareholders, this occurs when a company becomes insolvent.

If your company gets liquidated then any remaining assets are transferred to the creditors and shareholders. In Dubai, liquidation proceedings are governed by strict regulations that must be followed to protect the involved creditors’ rights.

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Our liquidation  Services

 

We provide a full variety of agency liquidation offerings in Dubai, tailor-made to satisfy the particular wishes of each business.

Our services include: Initial Consultation: We begin by assessing your current situation to offer customized recommendations and a clear roadmap for the liquidation procedure.

Documentation and Compliance: Our expert team handles all vital documentation, from drafting the resolution to liquidation to submitting final accounts, making sure of compliance with UAE legal guidelines.

Clearance Certificates: We assist in obtaining all required clearance certificates from the authorities departments, consisting of the Dubai Economic Department, Ministry of Human Resources and Emiratization, and Federal Tax Authority.

Asset Distribution: We oversee the distribution of assets to lenders and shareholders according to criminal priorities and agency bylaws.

Final Deregistration: We make sure that your organization is officially deregistered from all registries and legal entities, officially ultimately the commercial enterprise

Why Choose Our Liquidation Services?

Expertise: Our group of professionals has tremendous knowledge of UAE company laws and the specific necessities for organization liquidation in Dubai.

Transparency: We maintain open verbal exchange at each stage of the procedure, presenting you with everyday updates and clear motives of each step.

Tailored Solutions: We consider that each agency’s state of affairs is unique and distinct, so we customize our services to satisfy your desires and circumstances.If you’re thinking about liquidating your business in Dubai, or if you need a professional recommendation on the process.

“Liquidation is not just about closing a business; it’s about doing so responsibly and in compliance with local laws.” – UAE Business Expert

The Liquidation Process in the UAE

1. Decision to Liquidate

The first step involves a formal decision by shareholders or the board of directors to wind up the company. This decision must be documented and notarized.

2. Appointment of a Liquidator

A qualified liquidator must be appointed to oversee the process. This individual or firm should be licensed to operate in the UAE.

  • Responsibilities of a liquidator include:
    • Assessing company assets and liabilities
    • Selling company assets
    • Settling debts with creditors
    • Distributing remaining funds to shareholders

3. Notifying Authorities

The company must inform relevant government departments about the liquidation, including:

  • Department of Economic Development
  • Ministry of Human Resources and Emiratisation
  • Federal Tax Authority

4. Settling Debts and Liabilities

This crucial step involves:

  • Paying off creditors
  • Settling employee dues
  • Clearing any outstanding taxes

5. Asset Distribution

Any remaining assets are distributed among shareholders according to their stake in the company.

6. Final Dissolution

Once all steps are completed, the company is officially dissolved, and its name is removed from the commercial register.

Benefits of Professional Liquidation Services

Given the complexities, many businesses opt for professional liquidation services. These services offer:

  1. Expert knowledge of UAE laws and regulations
  2. Efficient handling of paperwork and procedures
  3. Mediation with creditors and authorities
  4. Minimization of legal risks

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Frequently Asked Questions

Company liquidation, also known as winding up, is the process of closing a company and distributing its assets to creditors and shareholders. It involves settling debts, selling off assets, and completing legal formalities to dissolve the company officially.

A company may need to undergo liquidation for various reasons including financial distress, inability to continue operations, strategic business decisions to cease operations, or failure to comply with regulatory requirements.

There are two main types of liquidation in Dubai: voluntary liquidation, initiated by the company’s shareholders or management, and compulsory liquidation, which is enforced by a court order typically at the request of creditors.

 The liquidation process generally involves several steps:

  • Resolution to liquidate passed by the company’s board or shareholders.
  • Appointment of a liquidator.
  • Notification to relevant authorities and publication of the liquidation announcement.
  • Settlement of debts and claims.
  • Distribution of remaining assets.
  • Obtaining clearance from various departments.
  • Final deregistration of the company.

 The duration of the liquidation process can vary depending on the complexity of the company’s affairs but typically ranges from 6 to 12 months.

A liquidator must be a licensed and approved professional or firm. They can be an audit firm, a lawyer, or a specialized liquidation service provider with the authority to carry out liquidation procedures in the UAE.