Company Liquidation UAE

HLB HAMT

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HLB HAMT - Accounting Firm in UAE

Phone:- +971 4 327 7775
Mobile:- +971 55 160 1291
WhatsApp:- +971 56 219 1607
Email:- dubai@hlbhamt.com

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    There comes a time when a firm must close its doors. To consider a firm closed in the UAE, it is not enough to simply cease operations and not renew a trade license when it expires. A proper and legal business license deregistration with business closure, liquidation, or bankruptcy is required to consider a business officially closed.

    A company comes to an end through the formal insolvency process of liquidation. During this process, all of the company’s assets get liquidated, and the proceeds are then used to pay off debts, cover expenses, and distribute any remaining funds to the shareholders.

    Many factors could contribute to the closure of the company. Most frequently, a firm chooses liquidation when its cash flow is unreliable and challenging to manage all the stresses.

    Company Liquidation Process in Dubai, UAE

    A liquidator must be appointed to finish the company liquidation process in Dubai, United Arab Emirates, which entails several legal steps. The liquidator, who may be an experienced individual or a specialized company, is in charge of winding up an entity’s operations in a fair and orderly approach to benefit creditors.

    A liquidator is a person or corporation registered in the UAE who acts on behalf of the company to sell its assets to raise money to pay off any unpaid debts. Typically, this person or company is a chartered accountant or audit firm. In the event of compulsory liquidation, the courts may appoint a liquidator, or shareholders may do so via resolution. The liquidator will initially issue a formal letter of acceptance after being appointed. They will prepare a statement of affairs and the liquidator’s report once all of their tasks have been performed, which is necessary to wrap up the liquidation process.

    The general assembly, court, or partners typically designate the liquidator, who is the entity’s legal representative. Liquidators in the UAE must comply with many laws and regulations before they are appointed. As soon as the liquidator assumes control of the company’s affairs, the directors lose all authority and are unable to act on the company’s behalf.

    Functions and responsibilities of liquidators

    A liquidator must ensure that:

    • All contracts on the entity have been executed or transferred.
    • The company’s operations have ceased.
    • Any legal disputes are resolved.
    • The selling of any assets.
    • The company collects the money payable to it.
    • Creditors receive their funds.
    • The shareholders’ share capital is refunded.
    • The entity is dissolved and no longer appears on the register.
    • Liquidators must register their appointment in the commercial register after they have been appointed. The procedure and rules that must be followed during the liquidation process will be outlined in the registration.
    • The partners and senior management of the firm must give the liquidator all necessary papers, accounts, and books of the company’s finances and its assets and obligations to facilitate the stock trading of the company’s assets and liabilities.
    • A thorough list that contains information on the company’s assets and liabilities, the balance sheet, and other facts must be prepared by the liquidator and signed by the entity’s managers or the Chairman.
    • The liquidator must take the required efforts to collect debts from other parties and transfer the money to the liquidated company. Furthermore, it is the liquidator’s responsibility to perform all liquidation-related activities, such as representing the entity in court, settling debts, and selling the entity’s moveable belongings or real estate by public auction or as specified in the liquidation paperwork.
    • Whenever a firm conducts operations in the United Arab Emirates, it must document all transactions in a book. Typically, this confirms that the liquidation obligations were correctly carried out and without breaches.

    HLB HAMT to Assist

    Because businesses must coordinate with several external parties/authorities to organize everything on time, the liquidation process can be time-consuming and costly. Leaving any steps or documents out will lead to unnecessary delays and complications. HLB HAMT provides liquidation services for all UAE entities, including LLCs, free zone companies, and offshore firms, ranging from a full liquidation to dealing with specific parts of the process, as required by the client.

    The liquidator is entrusted with all entity-related data, and it is their job to carry out tasks with maximum accuracy while protecting the firm’s assets and interests. It is essential to choose a liquidator who will act in the company’s best interests during the liquidation process. HLB HAMT can help with the company liquidation process in Dubai, UAE, from the start to the end.

     

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    Varun R Chandra
    Varun R Chandra
    07:38 25 Apr 21
    HLB Hamt is highly recommended! They have the quality of services that would satisfy your needs. I'm glad I found them.
    Giuseppe Assi
    Giuseppe Assi
    06:20 31 Jan 21
    I HAD A GOOD EXPERIENCE WITH HLB HAMT DUBAI. THEY HAVE A VERY PROFESSIONAL TEAM, GOOD QUALITY OF SERVICES, GOOD VALUE... FOR PRICE.I RECOMMEND THIS COMPANY.read more
    Mohamed Sheriff
    Mohamed Sheriff
    16:16 28 Jun 20
    Experience with HLB Hamt in audit experience is great pleasure. They deploy well qualified accounts team for audits.... And the amount of checking they perform give the management of the company confidence that internal controls are well in place. We are glad to see they have high standard of audit practices.read more
    218141 JOSEPH THOMAS
    218141 JOSEPH THOMAS
    16:20 23 Jun 20
    Professionally managed firm with commitment to the engagements taken. My company and its group are assigning our... requirements for last 12 years to HLB and we don’t have any negative remarks on any assignments.read more
    PMI
    PMI
    07:14 23 Jun 20
    In my opinion, HLB Hamt is one of the best professional firms in UAE after big4. Excellent client service, professional... and competent staff and timely delivery are their strength. Over the years they have developed the infrastructure and skill set to handle multiple verticals ie, audit, tax services, consulting, IT support etc.Wishing HLB Hamt team all the very best.read more
    RAVI CHOKSI
    RAVI CHOKSI
    08:28 21 Jun 20
    Thank you Team HLB hamt...Your internal auditing team put the good amount of time and inputs in helping the... organisation making considerable improvements throughout the organisational working structure and helps in building the better business.Thanks.read more
    Maharajan Subramaniam
    Maharajan Subramaniam
    18:17 06 Jun 20
    High-Performing IT Teams, I'm impressed with the knowledge level of their deputed staff, audit procedures, and... checklist adopted. Mr. Vimal especially understand the requirement and provide solution not only technical feasibility and also considered budgeting. We’re confident in their abilities.read more
    Mohammed L
    Mohammed L
    08:07 05 Jun 20
    We have been working closely with them on payroll services for quite sometime.They provide very professional... services,experts in domain and excellent support. Would recommend them.Cheers.read more
    ROY ROSHAN VIVIAN
    ROY ROSHAN VIVIAN
    06:32 04 Jun 20
    Very professional team. Vimal has always given us good solution advice for various Software and IT Infra projects. We... are very Extremely satisfied working with him and his team. Wishing them success.read more
    Basil Daniells
    Basil Daniells
    05:55 03 Jun 20
    I have worked with HLB as a partner of Sage for about 2 years, they were dedicated to the success of the partnership... and kept aligned with the business plan that was agreed between our two companies. They are always ready to go the extra mile for a customer and don’t shy away from challenging circumstances. Keep up the good work and wish you all the success in the future.read more
    Amar Kashyap
    Amar Kashyap
    19:28 02 Jun 20
    Team of well qualified and organised professionals. Their reports are not based on numbers first they will understand... their client and their business. They are highly recommended and trust worthy.read more
    Radz de Jesus
    Radz de Jesus
    16:03 02 Jun 20
    We're glad to have found HLB Hamt to conduct the IT audit and risk assessment for our organization. We have learned a... lot from their team during that first project. And since then, we've continued to be in touch with them. Mr. Vimal especially is very good at presenting technical concepts in simple yet interesting ways that non-IT and business people alike would easily catch. We are very happy with the professionalism and quality of service they provide. They leave their clients nothing short of satisfied. Highly recommended.read more
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