Company Liquidation in Dubai
The Company liquidation is a long process; it might be compulsory or voluntary.
Company Liquidation is the process of concluding its affairs, which normally involves the investigation of past actions, sale of assets, the equitable distribution of the assets of a company amongst its creditors, and thereafter to its shareholders.
Immediately after a company is liquidated it is required to cease doing business and employing people. Upon liquidation, a company’s business license is revoked, its name is removed from the Trade Registry and the entity is considered to have ceased to exist.
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What is a Liquidator?
What are the LLC company liquidation processes?
Appointing a Liquidator
Advertisement in the newspapers
Notification of the Competent Authority and the Registrar of the Dissolution
Obtaining Certificate of deregistration
How can Parker Russell UAE help you liquidate LLC company?
- filing relevant documents with relevant authorities
- advertising in the newspapers
- the preparation of Final Account of the Liquidation.
What are the different types of company closure?
The winding-up of the company may either be:
What are the two stages in the liquidation process?
- First, is the termination of the company’s license/s
- Second, is the company deregistration or dissolution Both of these stages involve the submission of resolutions and may include a public notification process.
How to make Summary winding up?
I. Appointment of liquidator
On the appointment of a liquidator, all the powers of the directors cease except so far as the Resolution appointing the liquidator or any subsequent Resolution otherwise provides and, subject to any such Resolution and to Regulation. All those powers shall thereafter be exercisable by the liquidator.
It is mandatory to appoint a Liquidator for winding up a company, as the Liquidator carries out an important duty by determining the assets and liabilities of the company and settling those liabilities in a proper manner.
All powers of the Shareholders/Directors of the company shall cease upon the appointment of the Liquidator for winding up. The Liquidator shall determine the financial standing of the company at the time of liquidation and shall be responsible for the discharge of the assets and liabilities of the company. During the winding-up process, all these will be included in the Liquidation Report to be provided by the Liquidator.
Who can be appointed as a Liquidator of the company?
The Legal Registrar may prescribe the qualifications required for a Liquidator.
II. Application of assets and settling
A statement should be delivered to the Legal Registrar confirming that the company has no assets and no liabilities. Therefore, The statement should be signed by each of the directors or, if the distribution has been completed by a liquidator, should be signed by the liquidator, that each director or (as the case may be) the liquidator, having made a full inquiry into the company’s affairs, is satisfied that the company has no assets and no liabilities and, upon the registration of the statement, the company is dissolved.
III. Liquidator Report and Closed Audit Report
Finally, the liquidator report and final closed audit report should be submitted to DMCC. On the other hand, If the liquidator is an audit firm, both reports can be prepared by them and will be submitted to DMCC.
IV. End of Liquidation
- License Termination Letter
- De-registration Letter
45 to 60 days upon completion of requirements inclusive of 14-day publication twice.
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