Things That You Need To Know About Company Liquidation in the UAE
An Overview In simple terms, company liquidation is the process of bringing a business or an organization to an end. It is a clear process that involves the distribution of assets to repay liabilities. Usually, a company is liquidated when it is not in the state to continue further. The process of company liquidation is initiated by creditors or shareholders.
Types of Company Liquidation
Voluntary Liquidation Winding Up by the Court
Voluntary Liquidation
It is a self-imposed dissolution of a company that has been initiated by the shareholders or creditors in order to pay back all the debts. Voluntary liquidation involves an organization or a company selling off assets, terminating its operations, and knocking down its corporate structure.
Winding Up by the Court
This is also known as involuntary liquidation. Involuntary liquidation is initiated when a company is forced to wind up and distribute its assets by company regulations, economic conditions, court order, or more. MPMS is a trusted and reliable project management company that can help you with company liquidation in Dubai, UAE.
What Are the Required Documents For Company Liquidation in the UAE?
A corporate bank account statement The company’s E-sign card Lease agreement Emirates ID card An original share certificate Passport copies of the shareholders Company stamp Original Trade License Establishment card
What is the Cost of Company Liquidation in the UAE?
Well, it varies as per the company’s condition. However, it can range from AED 8,000 to 12,000. If you are facing a problem in the liquidation of your company, then hiring a professional project management company is an ideal move!
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