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The liquidation or winding up of a company is commonly known as closing of a company or cancellation of a company in the UAE.
No matter of what type of business you own in the UAE, you must cancel your business licence and all related permits associated with it when you have made your decision to close it down. Liquidation or winding up of a company is an activity whereby the operation of a company and its existence will come to an end.In the UAE Company liquidation calls for a qualified approach with strict adherence to formal procedures.We are also helping to liquidate the companies in all the free zones like DMCC,DWC,SAIF zone etc in the UAE.
Our specialized services include determining a solution and advise 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.With our specialized services we provide you with an easy exit strategy.
The nominated auditor must be a regulated auditor.
The board of the company has to issue a resolution that the company is under liquidation, appoint a liquidator, and mention the name and address of the appointed liquidator.
The appointed liquidator must announce a brief of the board resolution and the liquidation in two local newspapers.
The creditors (if any) must submit their claim or/and their objections (if any) within the time limit mentioned in the announcement. Other interested parties have the right to object the liquidation during the time limit.
Make sure that the clearance letter is received from all the creditors,banks,government etc.
After making sure that the task is fully completed, the liquidation report must be issued by the appointed liquidator
an application for the company deregistration along with a copy of the liquidation report must be submitted to the company’s registrar. Once the application is approved, the company’s registrar office will issue a certificate of deregistration.
In this stage, we sit with you to review your company’s liabilities, commitments, and assets.
This helps us get insights into issues such as:
We initiate the liquidation process.This stage consists of the following:
The steps in the final closure stage include: