Winding up & Liquidation

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Companies winding up/liquidation is the process of an entity which closes its operation and where the assets and properties are distributed to its creditors and shareholders (owners). The liquidation in UAE becomes unavoidable when an entity defuncts in paying its creditors or commits a serious offence. After winding up/liquidation a company cannot employ people or carry out business activity and its license is revoked.

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An entity can also be wound up by voluntary winding up by passing a shareholders’ resolution. In situation where accompany is in financial difficulties and becomes insolvent, the company can approach the court for winding up by filing a petition.

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A liquidator in UAE is required to be appointed to proceed with the liquidation of a UAE entity. A liquidator in UAE can be an individual or a firm, usually from accounting or audit background and registered with the relevant authority. Premier can assist you to select the right liquidator and assist you through the whole process of liquidation. Premier provides a range of services with respect to the whole process of winding up and liquidation. The below are the basic services amongst others:

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1. Cancellation/transfer of residency visa for employee

2. Cancellation/transfer of residency visa for dependent

3. Arranging for No Objection Letter from Immigration

4. Arranging for No Objection Letter from Labour Department

5. Cancellation of utilities (water, electricity, etc) agreement

6. Cancellation of accommodation lease

7. Bank account closure

8. Arranging for VAT clearance letter

9. Appointing liquidator

10. Submission of liquidation report and all other documents to authority

11. Arranging for cancellation of licence

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Other Services

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1. Re-domiciliation

2. Migration

3. Mergers & Acquisitions