HOWTOCANCELTRADE LICENSEINDUBAIAIRPORT FREEZONE
FARAHAT
INTRODUCTION
In the most catastrophic situation, a company experiencing financial difficulties comes to the point when it becomes unable to settle its debts. The result is that the company goes bankrupt. When a business goes bankrupt, its creditors and investors eventually bear the burden. Financially distressed companies are liquidated for this reason.
The process of liquidating a firm entails selling its property to pay off debts. It’s a methodical procedure that results in the closure of the corporation in question.
Although the overall process of insolvency is the same throughout the world, local laws and regulations may differ. Every free zone in the UAE follows its own rules surrounding the closure of a corporation.
ROLEOF LIQUIDATORSIN TERMINATING TRADELICENSEIN DAFZA
When proceeding through winding up, businesses in the Dubai Airport Free Zone must abide by the rules of the local government. Free zone firm dissolution can be challenging because each free zone has its own unique set of regulations. Fortunately, DAFZA-approved liquidators always enlist qualified outside support to aid in bankruptcy proceedings. In DAFZA, the government has mandated that engaging a DAFZAapproved liquidator needs to be done for guidance and supervision.
REPORT OF LIQUIDATOR: SUBMITTING A LIQUIDATOR’S REPORT IS THE LAST STAGE IN THE PROCEDURE. THE APPOINTED LIQUIDATOR CREATES THIS REPORT, WHICH CONTAINS INFORMATION ABOUT THE LIQUIDATING PROCEDURE AND THE ASSET OF THE COMPANY.
CHOOSEDAFZA APPROVED LIQUIDATORS
If you’re considering getting through business liquidation in DAFZA, keep in mind that you might do it without declaring bankruptcy only with the assistance of an external liquidation provider in the UAE. We recommend that you maintain your account books in order so that you remain compliant with the rules. By choosing Farahat & Co, your company need simply a liquidation document, and the remaining work is handled by our field professionals. We serve as one of the most frequently utilized licensed liquidators in DAFZA and the rest of the UAE.
