Company liquidation is a process of shutting down a firm when it is unable to pay back the debt. So eventually the organizational assets are segregated upon closing to the respective shareholders and creditors as per their claims. A liquidator takes a pivotal role in the decision-making of the liquidation process. And that’s where Standard Auditing in UAE comes into place.
From top to bottom, a liquidator has to handle the liquidation process without causing any loss. Taking that into consideration.
The company liquidation steps involve
- The organization must submit a notice to the DDA free zone authority with the reason for the entity closure one month priorly.
- Preparing and submitting the board resolution attested in front of the executives
- Publish the paper advertisement and submit the copy
- Clearance of Employee Payment, customs, finance, government services, and the IT department has to be completed
- Closure of bank accounts
- Obtain a NOC from the governmental authorities
- Issue liquidation reports
- License cancellation including Lease agreement, Company Original license, the Original Department of Economic Development License, and Certificate of formation & Share certificates
Standard Auditing never forgets the duties of a liquidator and hence assigns the perfect person to meet the guidelines. Our liquidators start their work as soon as the Board of Directors or Shareholders submit a resolution.
To support you with company liquidation services in Dubai and the rest of the UAE.
We offer the following with diligence:
- Overview of the collection & distribution of the firm Assets including the liabilities settlement
- Complete assistance in the preparation of the Board of Directors resolution
- Precise auditing of financial statements which is helpful in the liquidation process
- Organizing the Statement of Affairs needed and the Liquidator’s Report
- Correlate with the licensing authorities to submit the relevant documents of liquidation
Need assistance in company liquidation? Let us help you!