We provide liquidation services for all entities – Mainland companies, Free zone companies especially in DMCC and TECOM etc. We at Elevate understand the position of Business Owners when they are planning to move out of Business. Please call +971-(0)-561672533 for quick assistance. Or you can write firstname.lastname@example.org .
What is Liquidation of company?
Liquidation (or “Winding up”) is a process by which a company’s existence is brought to an end.
First, a liquidator is appointed, either by the shareholders or the court if there is some dispute. The Liquidator represents the interests of all creditors. The Liquidator supervises the liquidation, which involves collecting and realizing the company’s assets (turning them into cash), discharging the company’s liabilities, and distributing any funds left over among the shareholders in accordance with the company’s constitution. After these steps have been carried out, the company is formally dissolved. We can get one Deregistration Certificate from the Licensing Authority.
Documents Required For Company Liquidation in U.A.E. (applicable as per the legal entity)
- Original Trade License
- Original Certificate of Registration
- Original Share Certificate
- Original Memorandum & Articles of Association & Amendment if any
- Original Establishment card
- E- sign card of the company
- Original Lease Agreement
- Employees visa cancellation
- Bank Account Closure letter
- Clearance from Immigration Department
- Clearance from Labor Department
- Clearance letter from Electricity and Water Departments
- Clearance letter from Telecom Authority (DU or Etisalat, etc)
- Clearance letter from Landlord
- Clearance letter from Customs Authority
- News Paper publication- English & Arabic (If asked by Licensing Authority)
Duration for Company Liquidation in U.A.E.
Approximate time for Company Liquidation in U.A.E varies depends on the nature of business activity, the type of shareholders and the scope of work involved. On average, it takes between 25 to 30 working days, after receiving all the required documents.
The Liquidator will be liable if they mismanage the company’s affairs during the period of liquidation. They will also be liable to pay compensation for damages sustained by third parties as a result of their mistakes.