Company liquidation (winding up) is the process when the company shuts down its operations and the property and assets of the company are sold and distributed among creditors and shareholders of the company.
Appointment of Liquidator is a must for Companies and not required for Branches. The Process of Liquidation or Winding up is to be initiated by submitting an Application.
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 in the discharge of the assets and liabilities of the company. All these will be included in the Liquidation Report to be provided by the Liquidator during the winding up process.
Winding up a company in UAE is quite a complicated and long process which requires a professional approach and expertise. It involves big number of different authorities and third-parties to clear all the related dues, settle all liabilities, obtain legal requirements and approvals.
Don’t waste your time on complex procedures and request professional assistance in your UAE company liquidation to be sure all procedures are executed in compliance with UAE laws and regulations. Specialists at Alya Auditors with high experience in providing efficient assistance in liquidation of any types of UAE companies: Free Zone like DMCC,DWC,SAIF Zone etc., LLC, local and foreign Branch Companies, and Offshore Companies.