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Liquidation Services

Every As per the liquidation requirements of our clients, we are primed to offer timely, hassle-free and professional liquidation services for all types of companies in UAE such as offshore, freezone and limited liability companies.

What is Liquidation of A Company?

Liquidation is a legal process whereby all the operations, functions and existence of a company come to an end and the company ceases to exist.

In the UAE, liquidation or winding up of a company is also often referred to as cancellation or closing of a company.

The Steps and Procedures Involved in the Liquidation of Company

Liquidation of a company is a long and tedious legal process that needs to be carried out with great care and precision. The following are the steps and procedures of a company’s liquidation.

  • Notice of company’s dissolution and subsequent appointment of a liquidator; when a company wants to liquidate, it has to pass a resolution of liquidation of the company in the shareholders meeting.
  • In the case of all Limited Liability Companies registered in the UAE, this resolution has to be attested and notarized by the Notary Public.
  • If the shareholders are not in the UAE, then the resolution has to be notarized and attested from the UAE Embassy of that country in addition to getting attested and legalized the same from the Ministry of Justice and the Ministry of Foreign Affairs in the UAE.
  • In case of companies that are registered at the UAE Freezones, attestation from the Office of Notary Public is not mandatory.
  • In the statement of resolution, the appointment of a Liquidator must be mentioned along with his/her full name and address. However, this is not required for sole establishments.
Documents Initially Needed for Liquation of Company

The following are the documents required by a company when it is filing for its liquidation in the initial stages;

  • The copy of your business license
  • The copy of the Memorandum of Association including all changes made
  • The Power of Attorney, if any
  • The Resolution Passed by the Shareholder(s)
  • The Copy(s) of the Passport(s) of the Shareholder(s)
  • The Emirates’ ID Copy
  • Application Form for Deregistration
Notice Period for Liquidation of Company

When all of the documents are submitted to the Department of Economic Development and the required fees are paid, the Primary Liquidation Certification will be issued to the company. This certification from the concerned authority is the documentary evidence to the company to continue with the liquidation process to the company.

After obtaining the Primary Liquidation Certificate, the company can go ahead and advertise the same on a newspaper. For Limited Liability Companies and some freezone companies as Dubai Creative Cluster Authority, it is mandatory to have notice of liquidation for forty five days through advertisement in the public newspaper. In event of an LLC being dissolved, four advertisements need to be published in Arabic, as well.

What Actions Must Be Taken By the Company during the Notice Period? The company has to obtain the following clearances from concerned departments and government offices during the Notice Period;

  • Clearance from Immigration Department
  • Closure Letter for the Business Account from the Bank
  • Clearance letter from concerned Telecom Authority (DU, Etisalat, etc)
  • Clearance letter from the Departments of Electricity and Water
  • Clearance from the Department of Labor
  • Clearance letter from the Landlord
The Final Step of Liquidation

When the Notice Period is over, the company has to submit the following documents along with the documents listed above to the concerned department;

  • The Report of Liquidation
  • The Copy of Newspaper Advertisement

Upon submitting these documents, the concerned authority will review the application and process the application for approval after the final service fees are paid to the authority. After this, the concerned authority will issue the final certificate called License Cancellation Certificate.

Bankruptcy Services

Every As AM Audit is one of the most respected and experienced firms in Dubai that offers top-notch, value-adding and tailor-made services to our clients as per their bankruptcy requirements from time to time. No matter what kind of business you conduct or the vertical you operate in, our professional team will provide you with all the professional help and support you need.

What is Bankruptcy?

A legal process, under the Bankruptcy Law, by which a person or business entity seeks to relieve itself from its debts wholly or partly when it cannot repay the debts to its debtors is coined as bankruptcy. It is often requested and initiated by the debtor, in most jurisdictions, by a court order. When an entity of person files for bankruptcy, it does not mean that the person or company is insolvent or the case is of insolvency.

Who Does the Bankruptcy Law Apply to?

Not everyone comes under the Bankruptcy Law and it is limited to a clear definition given by the law;

They are;

  • Civil companies in the UAE
  • All UAE companies that are formed under the Commercial Companies Law,
  • All those companies who are fully or partly owned by individual Emirate’s or UAE government
  • All the Freezone Companies that don’t come under the existing bankruptcy laws
  • All individuals that are, under the Federal Law No. 18 of 1993, classified as a ‘Trader’ relating to commercial transactions
What are the Advantages of Bankruptcy?

For a business, there are numerous advantages that come with bankruptcy and it is often regarded as the last resort to ensure that the business has every opportunity to wind down legally and professionally.

Most of the companies who file for bankruptcy can enjoy the following;

  • The options and possibilities to rehabilitate the company if situations support
  • Get temporary relief from all the debts and the creditor
  • Stay clear from all criminal actions and litigations till the process is complete
  • An opportunity to clear off any and all debts and to avoid any personal liability if any
  • Avoid the liability for failing to file for Bankruptcy
How can AM Audit help you with bankruptcy services?

Over the years, AM Audit has been working in the field of business set-up, liquidation and bankruptcy field to numerous clients from a range of business settings and verticals. This expertise that we have gathered over the years has helped us become one of the most reliable and trusted names in the field to render all the support our clients need.

What makes us quite different from the rest of the players in the field is the fact that we can provide our clients with tailor-made services that can meet all the requirements of the clients regardless of the scope and size of their business entity.

As we have extensive understanding and insights in all the procedures and processes when filing for bankruptcy, we can help the company take care of all the elements of the entire filing process. Since we possess exceptional understanding, we also make the process fast and error-free.

Why choose our services?

AM Audit has made a reputed name for its business consulting, accounting and auditing, business formation and all other legal services in the context of running and closing a business. We have been always preferred and sought-after by our clients due to the following unique traits of our services;

  • Immense experience in the field of various business legal processes in UAE
  • A team of highly experienced, trained and qualified business, and legal professionals
  • We bring a plethora of tailor-made and bespoke services as per clients’ needs
  • AM Audit is committed to offer top-notch services for all our clients
  • We have a strong and amicable customer support to offer extensive service support

By combining all of these elements with great value, we constantly support our clients in all their bankruptcy service requirements on time.