Company Liquidation/De-registration Services
Establishing a company in UAE is a rewarding experience, however, some businesses won’t last long, and they have to forcefully shut down due to certain unexpected reasons. It is very necessary for company owners to understand the importance of company liquidation services and performing the process properly for avoiding unwanted penalties in the future.
Company Liquidation is a formal procedure in which an existing company is brought to an end by liquidating all of its assets and the proceeds from the sale of assets will be utilized for settling debts, paying expenses, or transferring any pending balance to shareholders. After liquidating, the company will stop doing business and hiring employees. Its name will be removed from the trade registry as well. There are mainly two major reasons for company liquidation, they are:
- The sole purpose for setting up of the company is fulfilled and the entity is no longer required.
- The company is considered to be insolvent.
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Voluntary Liquidation – In this liquidation, shareholders of a company may elect to liquidate a solvent company or the directors of an insolvent company may opt for ceasing further trading and liquidate its assets for paying it’s creditors.
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Strict Liquidation – If a company fails to make timely debt payments, creditors may request the courts to liquidate the company so that they can collect their dues. The courts may then take an action for forcing a company to liquidate and sell its assets for clearing all outstanding debt.
The processes and compliance formalities involved at the time of company liquidation is equally important as it is at the time of incorporation. Liquidation formalities may be long and detailed which requires paperwork, the de-registration process and liaison with several government departments. Adherence to the established norms and rules is essential at the time of dissolution.
How can Corpin Consultants help?
Company liquidation service is a time-consuming and expensive process as many companies must liaise with numerous external parties/authorities to arrange everything in a systematic manner. Missing out on any step or document can lead to unwanted delay and complications.
Corpin Consultants offers company liquidation services for all UAE entities –
◆ Offshore company Liquidation/De-registration
◆ Free Zone Company Liquidation/De-registration
◆ Local Company Liquidation/De-registration
We have an expert advisory team to take you through the process ensuring minimal hassles. We act as your representative to the government in fulfilling the groundwork and formalizing debt recovery, disinvestment, due diligence, and all necessary prerequisites to ensure a smooth exit from the business.
