As its name suggests, this is the type of company liquidation wherein the shareholders themselves decide to liquidate the company even if its current assets surpass the liabilities. During the process, the registered agent will hold a meeting among shareholders to pass a resolution declaring the dissolution of the company. This meeting will also appoint a liquidator who shall represent the company to the UAE and the court.
The court orders the dissolution under this type of company liquidation. This is due to creditors who have already seek legal means especially if the company refuses to cooperate with them. The court assigns an auditor to assess the company’s assets and implement the best way to distribute them among involved parties.
We arrange appointments with UAE’s most qualified liquidation officers to assist you and your company.
We delegate an efficient accountant who shall oversee the liquidation process, documentation, auditing of company assets, dissolution revenues, and recovery.
We manage all due debts and tax distribution to creditors, employees, and service providers through legal channels
Freezing a company’s licence means keeping your licence inactive for a specific period. The trade license can remain dormant for between 1-3 years and cannot extend the three years, and a fee has to be paid to activate the licence.
As opposed to freezing, company closure or company liquidation is when the company's legal status is completely terminated.
A liquidator is a person or company that liquidates something, usually assets. When assets are liquidated, they are sold for cash or other equivalents on the open market. The liquidator has the legal authority to act on the company's behalf in various roles.
Yes, a company needs to seek a NOC from utility companies and government agencies to initiate company liquidation. All fees and taxes need to be paid.
If the parent company is liquidated, the branch will be dissolved.
The voluntary liquidation begins on the date when the members adopt a special resolution with the permission of creditors.
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