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.