Process of Cancellation of Company Registration for Liquidation

Process of Cancellation of Company Registration for Liquidation Farahat & Co

Requirement for Liquidation of a Company 1.Partner-owner 2.The

agreement to dissolve and liquidate the company

company’s loss of more than half of its capital

3.Issuance

of a court ruling to dissolve and undergo liquidation of company.

If one or more of these conditions is fulfilled, the partners must initiate the procedures for liquidating the company.

If the partners choose to liquidate the company for the realization of one or more of the aforementioned reasons, then they must: Issuance of a resolution by the company’s general assembly deciding to leave and liquidate the company, stating the reasons, and mentioning the name, address and fees of the liquidator they agreed to appoint. When the liquidator completes his mission, he issues a report known as the liquidation report. https://farahatco.com/

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Tasks of the Company Liquidator in Both Optional and Compulsory Cases 1.After

his appointment, the liquidator announces the liquidation of the company in two widely circulated local newspapers in Arabic and English.

2.The

liquidator shall announce to the known creditors their addresses and ask them to submit their claims within the mentioned period 3.The

liquidator shall limit the company’s fixed, movable and liquid property, and work to liquidate what is not liquid.

4.The

liquidator limits all debts to the company and divides them into privileged and priority debts (such as government debts), debts in favor of employees, and various commercial debts.

5.The

liquidator shall divide the proceeds of the property among the creditors if it is sufficient, but if it is not sufficient, he shall divide it according to the aforementioned priority rule, and the remainder of it shall be divided among the remaining creditors according to the rule of division by creditors. https://farahatco.com/

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Tasks of the Company Liquidator • •

• • •

•

Representing the company under liquidation before others, including before judicial authorities Management and operation of the company in cooperation with its managers in relation only to the activities that are still in progress but are under completion Collection of debts owed by the company’s clients Negotiating with creditors Disposing of and liquidating the company’s property and keeping the company’s money in an account designated for liquidation Clients use liquidators in cases of bankruptcy of their companies. Farahat & Partners office includes in its ranks the most prominent and leading liquidators in Dubai who have extensive experience in this field. It employs legal liquidators accredited to the courts in Dubai.

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Consensual Liquidation and Cancellation of Company Registration 1.Preparing

the minutes of the general assembly meeting stating the cancellation of the commercial license and the appointment of an auditor registered in the concerned emirate.

2.Preparing

a letter stating the acceptance of the approved liquidator to work on the liquidation of the company.

3.Submitting

the above documents and filling out the cancellation form through the application channels approved in the concerned department.

4.The

request is submitted to the department for approval of the dissolution of the trade license and the appointment of the liquidator.

5.A

special payment authorization is issued to obtain a certificate of dissolution of the trade license and to appoint a liquidator.

6.The

company announces the dissolution and liquidation in two official Arabic-speaking newspapers and waited for 45 days as an announcement period.

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Documents to Be Submitted to Cancel Company’s Commercial Register Midterm Report •A

letter from the partners stating that they did not receive any objection to the dissolution during the advertising period.

•Cancel

the establishment card from the Ministry of Labor and Workers.

•Cancellation •Obtaining

•The

of the residency of foreign partners located in the company.

the approval of other government agencies regulating the activity.

approval of the Ministry of Economy to delete the company’s registration for private joint-stock companies.

•Obtaining

the approval of the Securities and Commodities Authority to erase the company’s registration for public shareholding companies.

•Submitting

the above documents in addition to the documents of the first stage to obtain the approval of the Department of Economic Development.

•A

payment authorization is issued to obtain a certificate of deletion of the company’s registration, and it will be received after paying the fees.

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Do I Have to Submit Financial Clearance Letters?

•Ministry •Dubai

of Human Resources and Emiratization·

Electricity and Water Authority·

•Emirates

Telecommunications Group Company (Etisalat)·

•Emirates

Telecommunications Company (du)·

•The

General Directorate of Residency and Foreigners Affairs Dubai·

•Approval •Any

of the Ministry of Economy·

other government approvals

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What does Farahat and Partners Office Offer?

Contact Us WhatsApp Only: +971 52 6922588 WhatsApp & Phone: +971 55 4828368 Landline: +971 4 2500251 (9AM - 7PM GMT+4 Monday to Friday) For Consultation: consultant@farahatco.com For Sales Enquiries: sales@farahatco.com

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