Liquidation is a formal insolvency procedure in which a company is brought to an end (also often termed ‘winding up’ or ‘closing’ a company); all of its assets are liquidated and the proceeds from the sale of assets are used to settle debts, pay expenses and transfer any remaining balance to shareholders of the company.
Once a company is liquidated it will cease doing business and employing people. On liquidation, a company’s business licence is revoked, its name is removed from the Trade Registry and the entity is considered to have ceased to exist.
The liquidation process can be lengthy and costly because companies must liaise with a number of external parties/authorities to arrange everything in a timely manner. We offers liquidation services for all UAE entities – LLCs, free zone companies and offshore companies – from a complete liquidation to assisting with a part or parts of the process, as required by the client.