Liquidation of the Company in UAE
Company based in United Arab Emirates can be dissolved voluntarily or when it can no longer pay its debts. There are two types of liquidation procedures: voluntary liquidation and compulsory liquidation.
Advantages of Liquidation:
- It happens to the company, not the individuals within the company.
- Management of the liquidation is passed onto the appointed liquidator, relieving some of the stress that a director may incur as a result of the process.
- Once the company is liquidated, creditors can no longer pursue directors for payment.
- Unsecured debts are written off
- As soon as the company closes, all legal action against the company is halted.
Company liquidation requires a qualified approach with strict adherence to formal procedures. Only a complete understanding of the existing legislation can help you meet the liquidation requirements.
Khairallah Advocates & Legal Consultants can provide complete assistance in carrying out liquidation procedures