The procedure of Compulsory Liquidation in Dubai
Compulsory liquidation is a court-based procedure under which the assets of a company are realized to the company’s creditors. This procedure is usually forced upon the company, rather than the directors complying with their duty. Debt recovery Dubai agencies can help you with this with their knowledge.
They have credible expertise and vast experience through which they can help you. Moreover, they know about the legal advancements in the rule of law. This way they can help you in the best possible way.
Below are common methods for compulsory liquidation in the UAE. You need to know them before you take any legal steps. Moreover, it is advised to take help from a legal assistant before you take any legal steps.
- Appointing a Liquidator
The official liquidator will take over control of the company. Meaning the existing directors will cease to have any influence. This can be over the day to day running of the business.
- Company Assets Are Sold
The process of liquidating the company assets which may include all movable. And it may also include the immovable property of the company. The assets will be managed by the liquidator to repay the company’s debts.
- Filing a Winding-Up Petition
The first step of the compulsory liquidation process is to file a winding-up petition in the competent court. Debt recovery Dubai agencies can help you in this matter. They can make this legal process way too easy for you.
- Dissolution of the Company
Following the sale of assets, the company will be officially shut down. And its name was removed from the register of companies. This is not quite common, yet it happens.
Therefore, if you need legal help in this regard, you should contact debt recovery Dubai agencies. They are available all over the UAE for your legal support and help. Moreover, they provide their services in Ajman, Sharjah, Fujairah, and Abu Dhabi as well.