2010
The provisions of the Company UAE Law concerning liquidation are to be applied unless the company’s Memorandum (MOA)or Articles of Association (AOA) provide a specific procedure for its liquidation, upon resolving the company’s wind up an agreement is reached between the partners as to its liquidation-n procedure.
Company Liquidator means to closed or winds up your company or business is a complicated process. need to liquidate business without appointed liquidator is time taking and increase expenses, our expert team assists for liquidating your company as per United Arab Emirates jurisdiction and fulfill all requirements on time with affordable funds.
The partners or the company’s general assembly through majority resolution should appoint one or more liquidators. If the liquidation is decreed in accordance with a Court Order, the Court will appoint the liquidator as per emirates law.
When Company Liquidation require in the United Arab Emirates
The death, bankruptcy, insolvency, or interdiction of a partner, even though such partner had appointed the liquidator will not affect the liquidators’ functions. Moreover, the liquidator must register his appointment and the method of liquidation with the Commercial Register. In coordination with the manager or Owner/ shareholders of the company, the liquidator should make an inventory of assets and liabilities of the company. The managers and proprietors have a statutory duty to hand over the company’s accounts, books, documents, and assets to the liquidator.
The liquidator must Need to fulfill requirements as per Dubai law
1. Prepare a detailed statement of Business assets and liabilities as well as an account, balance sheet to be signed by him and the manager or owner of the company.
2. Keep a book of accounts for the liquidation of all transactions.
3. Preserve the assets of the company and its rights as well as the company’s all debts.
4. Open a bank account in the name of the company ‘in liquidation’ and deposit company funds if required.
The al yaqout business solution as your liquidator shall be the representative of the company in any litigation regarding the Business. He should satisfy the creditors of the company by selling its moveable assets or real estate in an auction or any other method require in the liquidation procedure. The liquidator should not embark on new business unless it is necessary for the completion of previous works, otherwise, he will be personally liable for the consequences.
The liquidator must notify all the creditors by registered letters of the commencement of the liquidation. And also need, such notice is published in the local gulf newspapers and gives a period of not less than 45 days during which the creditors should present their claims.
Certain debts of the company have to be scheduled and settled before others such as employee’s salaries or wages, or debts accrued while the company is in liquidation in UAE. Any amounts remaining after the settlement of the company debts will be proportionately distributed amongst all partners. If the net proceeds of liquidation were insufficient to cover the repayment of all partners’ shares, the losses will also be divided as per their shares amongst the partners.
The final Step is, At the end of the liquidation a final account has to be prepared and presented to the partners or the general assembly. The liquidators will then have to record the end of the liquidation in the Commercial business Register and request that the company is wind up the register.
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