Company Liquidation Services in Dubai

Company liquidation in UAE calls for a qualified approach with strict adherence to formal procedures. Our specialized company liquidation services in Dubai provide you with an easy exit strategy.

Now that you have taken the painful decision of liquidating your company, it's time you get your final acts together and dissolve your company in accordance with the laws of the land. Company liquidation is a long, tedious, and contentious process involving the filling of myriad applications, initiating the deregistration process, and negotiating with employees and several government departments. 

 

To get off the hook, you need proper completion of application forms and meticulous deregistering of certificates from various government agencies. Only a complete understanding of the existing legislation can help you meet the liquidation requirements as mandated by the law of the land. 

All About Liquidation Services in Dubai

We provide company liquidation services to all offshore, mainland, and Dubai Freezone company formations. Let us have a look at some of the important information regarding the same.

Types of Liquidation in Dubai & UAE

Company liquidation is of two types:

1. Voluntary Liquidation

In a voluntary liquidation, the company owners will attempt to close the company because they have no funds to pay the creditors. Priority is provided to creditors in this form of liquidation.

2. Compulsory Liquidation

Compulsory liquidation is the form of liquidation of the corporation that is put out by a court order. Here, the company's properties are allocated to creditors and contributors based on priority claims.

Why is a Company Liquidated?

The following are some of the factors for the liquidation of a company:

• The company no longer possesses assets.
• The company is impotent to pay creditors.
• The company has no liquidity or cash to fund its existence.
• The company is unable to get any form of revenue or business.
• The company gets revenue, but the losses are way too heavy.
• The directors opt to vote for liquidation traditionally at the board meeting.

What if you do not want to liquidate your company, but the company cannot continue?

There may be a scenario in which you may not want to liquidate your business, but you cannot continue with the company. In such a system, the license-providing authority assumes that any corporation must be allowed not to liquidate and still have a reasonable chance to keep the business on track.

It is why the Dubai DED has the ability of a company to "freeze" a license instead of abandoning it. While freezing a permit, the company's employees and establishment cards will still be abandoned. The company may always recommend its activities after the freeze period is over by just regenerating the cards and licenses.

How to Proceed with Company Liquidation in Dubai?

Commitbiz has been providing highly specialized Liquidation Services in the UAE to limited liability companies in Dubai, free zone companies, and offshore companies across UAE. With many successful closures under our belt, we have acquired the expertise to guarantee hassle-free liquidation to our clients.

Our specialized services include determining a solution and advising you on objectives such as costs, time, and risks of participating as one of the independent third-party liquidators for finding a quick-fix solution. During the process, we liaison between you and the governmental authorities to find an easy and mutually acceptable exit strategy.

Our distinctive approach involves three stages.

Analyzing the Scope of Involvement

In this stage, we sit with you to review your company's liabilities, commitments, and assets. A proper understanding of this helps us get insights into issues such as:

• Debt recovery
• Claims management
• Asset disinvestment
• Intimate creditors and debtors
• Perform compliance due diligence
• Assess liquidation costs
• Once a thorough analysis of all these is done, we move on to planning the liquidation strategy, which involves:
• Outline the liquidation timetable
• Consider possible advance payments to shareholders.

Managing the Liquidation

After the completion of the first stage, we initiate the liquidation process. This stage consists of the following:

• Asset disinvestment
• Debt recovery and creditors' payments
• Liaison with Notary and Government authorities
• Preparing documents
• Preparation of accounts for the liquidation.

Documents Required for Company Liquidation Services in Dubai

Different documents must be submitted for the liquidation process and are set out by the Dubai government. These documents are needed both in free zones and on the mainland for corporate liquidation. 

The necessary documents are listed below:

• A copy of the permit
• The composition of the Memorandum of Association (MOA), with any changes
• Power of Attorney (if any)
• Passport copies of all the investors
• Copy of the Emirates ID
• Investors' resolution
• Application form of deregistration.

Final Closure

The steps in the final closure stage include the following:

• Termination of contracts
• Final settlement of payments
• Information and publication
• Deregistration.

With the help of our competent staff, we have been handling liquidation services in UAE with great efficiency. Unlike most other agencies, we do not pass your case to third-party service providers and handle it in-house from start to finish. 

In fact, we will assign your case to an expert who will assist you through the entire process. This has guaranteed our clientele additional confidence and peace of mind.

We believe every client deserves an opportunity to consult with our professionals without worrying about costs. It is precisely because of this that we take time to hear you out and advise you on the steps to be taken without charging any consultation fee.

To know more about UAE company liquidation services, get in touch with our experts today.