Company Liquidation is the process when the company closes down its operations and the assets and property of the company are distributed to creditors and shareholders of the Company. Company Liquidation process may vary from one UAE Free Zone to another, but still, it is very similar for most of them. No matter of what type of business you own in the UAE, you must cancel your business license and all related permits associated with it when you have made your decision to close it down. This page provides a summary of the formalities for closing your business and cancelling its license properly.
It is important for relevant government entities to know that you are no longer in the business so you will avoid any accumulated fines and penalties incurred upon your license, when it is not renewed upon expiry date. If you are in a shareholding company, it is important to discharge your liabilities towards creditors and partners and protect your interests and shares. It is also wise to put your goodwill and business reputation in perspective, if you decide to open a business again.
- Managing and supporting liquidation process
- Advising of asset disposal
- Supporting to liaison with liquidation accounts
- Supporting for complete documentation
- Assisting in preparation of resolutions, power of attorney, liquidator’s statement