Company Liquidation Services, Wind Up & Deregistration
We are one of the leading firms offering liquidation services in the UAE & Dubai with our extensive experience in this field. We have a team of regulated in-house liquidation specialists and we processed a lot of company liquidations the UAE for multiple clients.
At Fab Arabia we can help you with the liquidation and the cancellation of your company in smoothly in a short period of time. Contact us today to find out how can we guide you step-by-step through the whole company liquidation process.
Company Liquidation Process
The job of a liquidator is to have the organization’s assets be sold and pay the creditors with the cash from the sold assets. If there is any money left afterwards, the rest would be fairly distributed to the shareholders. In addition, liquidators are also expected to bring and defend lawsuits.
FAB Arabia will walk you through the entire process and support you from the very beginning till the end.
FAQ
Documents required in filing for corporate insolvency are as follows:
- Completed cancellation form;
- Notarized partnership cancellation contract;
- Notarized general assembly minutes confirming company liquidation and appointment of liquidator;
- Official letter from registered company liquidator accepting liquidation duty
Note: other legal documents may be required to secure the required approvals of different government agencies in canceling a business license and liquidating the business.
When a company decides to go into liquidation, all of its assets are put into auction in order to repay its creditors. Its name is also removed from registries and the business is closed
Company liquidators have numerous duties and responsibilities to successfully wind up a company, including:
- Open an account under the company’s name to deposit funds that can be reclaimed from selling off company assets;
- Take inventory of company assets and liabilities;
- Prioritize outstanding debts and divide assets between various shareholders;
- Repay loan taken;
- Represent the business in courts, if litigation is filed;
- Provide a report declaring assets of the business and settlement of liabilities