Company liquidation can be a scary financial and legal puzzle to navigate, more so when your business thrives in the business world of Dubai. Whether you are at the end of your operational run or encountering difficulties enabling you to continue, company liquidation in Dubai presents itself as a legal way of closing down the business operations of your company in an orderly and structured manner. With a thorough understanding of the field, AR Associates offers best company liquidation services Dubai and the UAE as a whole, allowing business owners to enjoy a smooth and speedy process when liquidating their company.
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Company liquidation is a formal process in which the company’s assets are sold off or redistributed to pay its debts and legitimately dissolve the company. UAE law guides the process, taking care to treat creditors fairly and stakeholders as accountable members. Not only does it mean that you close the business operations but also that you clear out any outstanding debts, demand assets and then deregister the business.
There are different types of company liquidation: there are two types of company liquidation, compulsory liquidation, usually under court order because of insolvency, or other legal causes; and voluntary liquidation, on the shareholders’ initiative. In both types of liquidation, AR Associations provides comprehensive, full compliance with Dubai regulatory framework.
At AR Associates, we offer a full range of company liquidation services.
We take care of the whole voluntary liquidation process for businesses choosing to close operations and make sure that all the legal aspects are in order.
When the court orders liquidation because of insolvency or some other legal reason, our team takes care of the involved legalities, giving guidance on the best course of action throughout the process.
We take care of the whole process of securing a liquidation certificate so that your company’s closure is officially recognized by the authorities.
Our experts make certain that all the assets are sold or distributed to pay off outstanding debts, so that the process of liquidation of the company is fair and transparent.
However, for those businesses who are thinking of liquidating their company in Dubai, it is important to know the intricate details of the process. UAE has quite clear and transparent regulations but the fact is many events can prolong the duration as well as complexity of the process.
A frequent question we receive is, how long can a company stay in liquidation? The time frame for liquidation in the UAE is generally somewhere between 3 to 6 months. The time frame however may depend on the complexity of the business, its asset portfolio as well as the debts.
If you are looking for company liquidation services in Dubai, AR Associates is the name of repute. We know that every company is different when it comes to business, whether you’re just starting with company formation in Dubai or winding down. That’s why, we serve an extensive range of industries that keep us as a dependable partner to companies small and large. What we realise is that no two companies have the same issues and our service is custom to each company’s needs.
Working with our experienced legal consultants and financial advisors, we guide you through the whole liquidation process, from the start of the process to the issuing of the liquidation certificate.
We cover the entire process, from writing documentation, taking care of creditor claims, distributing assets and final deregistration.
Our clients who need to liquidate a company get clear, upfront competitive pricing where we disclose the full cost upfront with no hidden fees.
The liquidation process is time sensitive. We streamline the process of liquidation, making sure it is done fast, with no wasteful delays.
Liquidation of a company typically follows a series of structured steps. While these may vary depending on whether the liquidation is voluntary or compulsory, here’s a general outline:
The first step in the liquidation of a company is a board resolution that the company will cease to be operational. This has to be officially documented.
The entire process must be undertaken by a licensed liquidator. When the liquidation occurs, the liquidator is held responsible for it — from selling assets to distributing proceeds to creditors.
When the liquidator is appointed, the company is required to also officially notify relevant government agencies such as Dubai Department of Economic Development (DED) for the deregistration process.
A vital part of the process is identifying creditors and settling any outstanding liabilities. When a company is liquidated, who gets paid first? Usually the first claim to the company’s assets belong to secured creditors, then unsecured creditors, employees and shareholders.
When the debts are paid off and assets given out, the liquidator writes up a final audit report. A liquidation certificate is then issued stating that company has been fully dissolved.
The business is officially closed, and the company’s name is dropped from the trade registry.
When a company is liquidated, who gets paid first? Who gets paid first when a company is liquidated? For business owners and creditors this is an important question. Under UAE law, secured creditors, those with collateral supporting their claims, are called to the front of the line. Just behind them are unsecured creditors, employees with unpaid wages, and, at last, shareholders who get whatever’s left over if all the debts have been paid.
We’re proud to support the next wave of innovative businesses in Dubai, a hotspot for startups. So if you are considering starting a new company in Dubai, you’ve come to the right place. We’ve helped startup companies in Dubai all the way to large scale enterprises become established here.
Our consultants will work through each stage alongside you to help you navigate the specific challenges that startup face and assist you in the company formation and registration process to ensure your venture is set up for success from day one.
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