LIQUIDATION OF A COMPANY
Metropolitan Consulting
Metropolitan Consulting
Metropolitan Consulting provides services for both: voluntary company liquidation in the UAE (as per the board resolution) and compulsory one (by court order).
Liquidation of a legal entity is just as complex as company registration, whereas reasons, on which a company may decide to voluntary cease, are not regulated by the law.
To consider the liquidation all key stakeholders with voting rights are called for a meeting. The initiator will speak on the behalf of the director’s board (if applicable). Any shareholder who has at least 10% of company shares can initiate a meeting.
The company will be full forcefully closed if it systematically violates the law, does not have the license to run the business (or performs illegal activities).
Also, company bankruptcy, when the firm is not able to cover its liabilities, is a reason for its liquidation. All these covenants are stipulated in the UAE jurisdiction system.
The final decision to liquidate a company is down to the court of the Emirate in which the company is registered.
Despite the fact that decision to liquidate is under way, the procedure itself is very time consuming. Usually highly experienced solicitor undertakes this process. In some cases, a detailed consultation is sufficient in order to avoid any possible confusion in the future. The process of company liquidation is as follows:
– Documents collection, payment of all government service charges.
– Formation of a liquidation committee or an appointment of a liquidator
– Drawing of all notifications to creditors (if applicable) as for decision and regarding formation of a liquidation committee
– Company assets evaluation. All creditors should be informed regarding company liquidation and they should provide their requirements. Upon receipt of creditors’ requirements, a liquidation balance is draw out. If the funds are not sufficient, company assets are sold out. All funds left, which are not demanded by the creditors are divided among the company owners. The funds split up among all members is recorded in the relevant memorandum.
– Customs clearance as well as service providers and landlord of the premises (if applicable) are required for submission.
– Closure of all relevant bank accounts.
– Submission of the final audit report confirming that the company does not have any outstanding financial liability.
– Advertisement in a local newspaper in Arabic regarding company liquidation.
– Receipt of an official certificate confirming that this company is no longer accounted as an actively operating entity.
We will perform all of the above said on your behalf and handover you the final certificate about company closure.
– регистрация компаний во внутренней юрисдикции – регистрация компаний в свободных экономических зонах – регистрация офшорных компаний – регистрация представительств и филиалов иностранных компаний
– внесение изменений в лицензию – внесение изменений в состав учредителей и уставной капитал – ликвидация компании – смена названия или вида деятельности компании
– регистрация торговой марки в ОАЭ – взыскание задолженностей – споры по недвижимости – представительство в судах всех инстанций – трудовое право
– бухгалтерское обслуживание в ОАЭ – аудиторские услуги – составление бизнес планов – ликвидация юридических лиц
– обновление лицензий и регистрации юридических лиц – визовые услуги – регистрация юридических лиц в министерствах и профильных госучереждениях – получение сертификата налогового резидента – получение справок из госучреждений ОАЭ
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