For most businesses, dealing with liquidation is a new experience that raises a number of questions. Basically, company liquidation arises when a company cannot meet its financial obligations and cannot pay off its debts. The liquidation of the company can take place either as a voluntary liquidation or as per court order for a forced liquidation, where a liquidator, is hired to oversee the process.
Our audit staff has extensive experience in dealing with bankruptcies, insolvency, and corporate restructuring. Our goal is to achieve maximum value for every client. Our company liquidation services are all included - we will guide you through each phase of the process. Whether your company wants to sell excess real estate, machinery, or equipment, cancel its licenses, or has to liquidate it completely, we can help you.
Steps to liquidate a Company in UAE
In a broad sense, a company is located on the mainland or a free zone requires the below steps to get completely liquidated.
Step 1: Signed Board or shareholder resolution
Step 2: Official notification to the license issuing authority
Step 3: Obtaining NOCs and clearance certificates from Govt. authorities.
Step 4: Cancelling employees and sponsorship
Step 5: Making an official announcement in media
Step 6: Closure of corporate Bank accounts
Step 7: Official termination letter and confirmation by licensing authority
