We understand how tough liquidation can be for companies and founders. We strive to minimize your woes so you can make a fresh start with peace of mind. Company liquidation in UAE is a very lengthy process. Closing a company in UAE can be time consuming and a complicated procedure but our experienced and influential liquidators in UAE can simplify all the legal procedures and assist you in the company liquidation process.
Liquidation can be a complicated and challenging process for companies facing financial crises. Also known as the cancellation or dissolution of a company, company liquidation in Dubai or UAE can be a tedious and time-consuming task if not managed properly. At Horizon Biz Consultancy, we understand the importance of a professional and dedicated approach to ensure a smooth and stress-free process for our clients in such difficult times. And that is why we offer end-to-end liquidation services for various business establishments in Dubai, UAE, such as LLCs, offshore establishments, and Free Zone companies. We manage it all right from the start to finish.
The process of company liquidation involves complex documentation and negotiations with involved parties and government agencies. De-registration is a crucial aspect of the process that requires attention. In addition, there are a plethora of important tasks – closing bank accounts, settling utility bills, obtaining certificates from government authorities, preparing final audit reports, and cancelling visas. Our team at Horizon Biz Consultancy will ensure all of these tasks are taken care of in a timely and efficient manner.
In the UAE, when a company is facing financial difficulties and is unable to pay its debts or continue operating, liquidation is needed. In such cases, liquidating the company is a legal process that allows for the orderly winding up of the company’s affairs and the distribution of its assets to its creditors and shareholders. It also helps to avoid legal action against the company and its directors and allows for a fresh start for the stakeholders involved.
A board meeting is held to propose the liquidation process and appoint a liquidator. The liquidator can either be appointed by the shareholders or the court, depending on the situation.
A liquidator such as Horizon Biz Consultancy is appointed to manage the liquidation process. The liquidator is responsible for selling the company’s assets, settling its debts, and distributing any remaining proceeds to the shareholders.
A public announcement is made in two Arabic newspapers, one local and one national, about the company’s liquidation process.
The company must cancel all of its licenses and permits from the relevant authorities, such as the Dubai Chamber of Commerce and Industry and the Department of Economic Development. We are well-versed with this process and support your company
Cancellation of a Limited Liability Company (LLC) License
Cancellation of Sole Establishment Company
The company must settle all of its outstanding debts with its creditors, including employees, suppliers, and banks. We calculate the proceeds and create a best way forward negotiating with suppliers, creditors and others along the way.
Once all debts have been paid, any remaining funds are distributed to the company’s shareholders. Our liquidator assists you with this step with transparency and discretion.
The final step is to apply for de-registration of the company with the relevant authorities, which thanks to our network, connections and on-ground knowledge is hassle-free for our clients.
As expert liquidators and chartered accounting and auditing firm operational for 60+ years, we can assist you every step of the liquidation process. We can even help you sell your company’s assets to pay off outstanding debts.
When appointed, our liquidator shares a formal letter of acceptance. Once we wind everything up, you can expect an official statement of affairs and a liquidator’s report, necessary to complete the liquidation process.
Our liquidator will fulfill the following roles:
Entrust your company liquidation in Dubai to Horizon Biz Consultancy to simplify the process and avoid unnecessary expenses. We offer liquidation services for both Free Zone and Offshore companies in the UAE.
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Liquidation is required if a company ceases operations, becomes insolvent, can’t pay debts, or shareholders pass resolution to close down voluntarily.
Key steps are appointing liquidator, realizing assets, settlement of debts, distribution of residual assets and applying for deregistration.
If a smooth process with no complexities, voluntary liquidation can typically be completed in 6-12 months in Dubai.
Yes, our licensed experts can serve as court-appointed or voluntary liquidators on behalf of creditors, shareholders or the company itself.
Documents needed include trade license, financial records, inventory lists, contracts, leases, shareholder/director details, liability/asset details etc.
Key duties include assessing assets/liabilities, settling dues to creditors, tax clearance, distributing residual assets to shareholders and applying for deregistration.
