Company Liquidation Services
The process of company liquidation entails the termination of all business operations and the subsequent dissolution of a company, typically as a result of numerous unfortunate factors.
What are the main duties that a liquidator must fulfill in the process of company liquidation?
A liquidator is responsible for overseeing and managing the liquidation process of a company. Their prime responsibilities include:
1. Asset Evaluation: The liquidator must assess and evaluate all the assets owned by the company, including tangible assets like property, equipment, and inventory, as well as intangible assets like intellectual property and brand value.
2. Debt Assessment: They are responsible for examining all the company’s outstanding debts, loans, and liabilities to determine which creditors will be paid first during the liquidation process.
3. Financial Reporting: Liquidators need to prepare comprehensive financial reports detailing the company’s financial position, including its debts, assets, income, and expenses. These reports are essential for fulfilling legal requirements and informing stakeholders about the status of the liquidation services process.
4. Creditors’ Meeting: The liquidator organizes meetings with creditors where they inform them about the estimated returns they can expect from the liquidation proceedings based on asset valuations and debt rankings.
5. Asset Disposal: This crucial responsibility involves selling off or disposing of the company’s assets in an organized manner to maximize their value. Proper planning is essential to ensure fair distribution among creditors while complying with legal requirements.
6. Debt Recovery: In cases where there are outstanding debts owed to the company being liquidated, it falls upon the liquidator to recover these amounts through negotiations or legal action if necessary.
7. Employee Settlements: Liquidators handle employee redundancies by ensuring fair settlements in line with employment laws and regulations regarding compensation, notice periods, severance pay, or outstanding wages.
8. Legal Compliance: A vital aspect of a liquidator’s role is ensuring compliance with various legal requirements throughout the entire process while maintaining adherence to ethical standards.
9. Documentation: Expert Plus Liquidators maintain accurate records of all transactions, decisions made during meetings with stakeholders or creditors, minutes of creditors’ meetings, financial reports generated throughout each stage of liquidation for transparency purposes.
10. Reporting to Authorities: Liquidators must regularly report their progress and findings to
What are the various forms of company liquidation in the UAE?
Compulsory Liquidation
Voluntary Liquidation
Voluntary Liquidation occurs when the Company’s shareholders choose to cease business operations and dissolve the organization due to insufficient funds to pay creditors and sustain the business. In this process, creditors are given utmost importance.
Which documents are necessary to conduct the liquidation process for a company in Dubai, UAE?
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FAQs
The documents required for setting up a business in the UAE depend on the company structure and location. However, some common documents include passport copies, residency visas, bank statements, and proof of address.
The timeframe for setting up a business in the UAE varies depending on the company structure and location. However, it typically takes between 3-4 days for free zone companies and up to 4-5 days for mainland companies.