Business Liquidation

Assist Plus liquidation services in Abu Dhabi.

t Assist Plus we provide the services of liquidation of companies and the elimination of registration in the United Arab Emirates.

We cover all the required practical perspectives of the liquidation from accounting, legal and legislation. Liquidating of companies is not easy where it needs the appointment of a certified legal liquidator at the headquarters where the company is located, and the legal liquidator is named in a document appointed, as a decision of the General Assembly of the company or a judgment of the local court. According to the law it is a must to determine the decision to put the company under liquidation and appoint through a formal power of attorney a liquidator. The liquidation may be quick and maybe gradual depending on the situation that the company has when deciding to liquidate.

The liquidator is the one who represents the company under liquidation by law. The manager or managers of the company may continue to carry out their duties until the liquidation is completed or until the liquidator determines the next steps. The liquidator shall not leave the important employees free to stop working in the company under liquidation, And it is recommended to keep the accountants until the closure of the liquidation. During the liquidation, the company may be subject to the enforcement of cases against it. In this case, the liquidator, in his capacity as the representative of the company before the judiciary, should return to the execution judge and ask him to suspend the execution of the sentences until completion of the liquidation proceedings. The liquidator must include the claims, Within the payee list. The liquidation in practice ends with the end of the activities of the company and with the completion of the activities related to the liquidation, but legally only ends by cancelling the company's registration from the commercial register or the register of business licenses and cancelling its commercial permits.

What are the processes and procedures required to liquidation (by mutual consent)

Required Documents:

• Commercial License. 

• Copy of the owner(s) passport.

• Copy of UAE ID card valid of the owner(s).

• For UAE nationals copy of the Family Book.

• Copy of the signature(s) authenticated by the public notary office.

• The resolution of the extraordinary general assembly of the company, in which the partners decide to dissolve and liquidate the company, appoint the liquidator and certify the decision with the notary public.

• Letter from the liquidator to accept the mandate of liquidation.

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To do:

• Obtaining a trade record indicating that the company is under liquidation.

• The liquidator announces the liquidation of the company through two local newspapers for 45 days.

• Bring the original declarations that have been made and are 45 days from the date of the announcement.

• The decision of the liquidator that there is no objection within 45 days from the date of issuance of the declaration.

• Letters to the authorities cancelling the commercial license.

• The approval of the competent authorities to cancel the commercial license, if any.

• Payment of the prescribed fees and receipt of a certificate stating cancellation of the license.

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What are the processes and procedures required to liquidation (judicial)

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Required Documents:

• The court's decision to dissolve and liquidate the company.

• Commercial License. 

• Copy of the owner(s) passport.

• Copy of UAE ID card valid of the owner(s).

• For UAE nationals copy of the Family Book.

• Copy of the signature(s) authenticated by the public notary office.

• Letter from the liquidator to accept the mandate of liquidation.

To do:

• Obtaining a trade record indicating that the company is under liquidation.

• The liquidator announces the liquidation of the company through two local newspapers for 45 days.

• Bring the original declarations that have been made and are 45 days from the date of the announcement.

• The decision of the liquidator that there is no objection within 45 days from the date of issuance of the declaration.

• Letters to the authorities cancelling the commercial license.

• The approval of the competent authorities to cancel the commercial license, if any.

• Payment of the prescribed fees and receipt of a certificate stating cancellation of the license