Parker Randall UAE is an approved liquidator and provides company liquidation and trade license cancellation services in Dubai, Abu Dhabi, and Sharjah.
Liquidation (or “winding up”) is a process by which a company’s existence is brought to an end.
Liquidation process normally includes the sale of assets, distributing the assets amongst its creditors and settling down the debts, and thereafter to its shareholders.
What are the different types of liquidation?
Voluntary liquidation occurs when the shareholders of a company resolve to voluntarily wind up its affairs and dissolve the company. This can happen for many reasons.
A compulsory liquidation occurs when a court makes an order to wind up the company. This process starts with an application to the court alleging that one or more of the required grounds exist. That is to say, The application may be brought by the company or a majority of its directors, or by the Registrar of Companies, or by a creditor. Applications by creditors are by far the most important and common.
Applications may be brought on a number of grounds, the most important being that the company is unable to pay its debts. There are a number of factors that the court will take into account when deciding whether or not to make a compulsory liquidation order. The court has a discretion as to whether or not to make the order.
What are the liquidation processes?
1. Appointing a Liquidator
A liquidator is appointed, either by the company shareholders passing a resolution (voluntary liquidation) or by the Court making an order (compulsory liquidation).
2. Notification of the Competent Authority and the Registrar of the Dissolution
The Managers of the company, the Chairman, and the Liquidator, as applicable, shall enter the dissolution of the Commercial Register with the competent authority with relevant documents.
3. Advertisement in the newspapers
The dissolution should be published in two daily local newspapers; one of them should be issued in Arabic. The dissolution of the company shall not be effective against third parties until the date of such registration.
4. Obtaining Certificate of deregistration
After 45 days from the date of advertisement, if no any objections were received from any third parties, Therefore, the liquidator will ask for the cancellation of the business license from the competent authority. The registrar of company will issue a certificate of deregistration.
How can Parker Randall UAE help you?
1. It is a legal requirement to appoint a liquidator for the process of liquidation. That is to say, Parker Randall’s vast experience in the field of liquidation will guarantee you that this process will be smooth.
Above all, We are an approved and registered auditor with almost all government institutions including the ministry of economy, the central bank of UAE, RERA, Ministry of Justice, UAE federal courts, Dubai courts, Abu Dhabi courts, DIFC, and most of the big banks in the UAE. To clarify, Please visit the Memberships and Registration page for more details.
2. We understand that companies going for liquidation face a huge financial crisis, Therefore, we charge very reasonable and affordable fee for our liquidation services.
3. Liquidation process can be complex. That is to say, We will take out all the burdens from you and we’ll handle all legal procedures as prescribed in the related UAE laws, including
a. filing relevant documents with relevant authorities
b. advertising in the newspapers
c. the preparation of Final Account of the Liquidation.
