ADGM Company Liquidation Services
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ADGM Company Liquidation Services
Closing a business is never an easy decision, but when the time comes to wind up a company in the Abu Dhabi Global Market (ADGM), Elevate Accounting & Auditing is here to guide you through the entire liquidation process. Whether you are voluntarily dissolving your business or handling a compulsory liquidation, we offer expert services to ensure a smooth, efficient, and legally compliant closure. Our team of experienced professionals simplifies the complexities involved in ADGM Company Liquidation Services and works to safeguard your interests every step of the way.
What is Company Liquidation in ADGM?
Company liquidation in ADGM refers to the formal process of dissolving a business. Whether due to financial challenges, strategic decisions, or other reasons, liquidation involves selling off company assets, settling outstanding debts, and distributing the remaining funds among creditors and shareholders. Once the liquidation process is completed, the company is deregistered, ceasing all its operations.
Key Types of Liquidation in ADGM:
- Voluntary Liquidation: Initiated by the company’s shareholders when the business is no longer viable or no longer aligns with the company's goals.
- Compulsory Liquidation: Typically initiated by creditors when the company is unable to settle its debts, involving court action.
Steps Involved in ADGM Company Liquidation
To ensure that your liquidation is carried out smoothly and in compliance with ADGM’s legal requirements, the following steps are typically involved:
Declaration of Solvency
A declaration signed by all shareholders must be submitted to ADGM, confirming that the company’s liabilities will be settled.
Shareholders’ Resolution
A formal resolution to liquidate the company must be passed and submitted to ADGM authorities
Appointment of an ADGM-Approved Liquidator
Engage one of Elevate’s approved liquidators to oversee the liquidation process. We will handle asset distribution, debt settlements, and other necessary actions
Dissolution Advertisement
Publish a notice of liquidation in local English newspapers for a specified period to allow creditors or interested parties to submit claims
Termination of Company Activities
Cancel all company visas, work permits, and related establishment cards. Close bank accounts and return all company assets, including licenses and registration documents.
Clearance Letters
Obtain NOCs and clearance letters from relevant authorities, including Abu Dhabi Customs and utility service providers
Final Liquidation Report
The liquidator will prepare and submit a final liquidation audit report, which must be approved by ADGM authorities
Company Deregistration
Once all obligations are settled, ADGM will strike the company off the register and cancel its trade license
Our Liquidation Services in ADGM
At Elevate Accounting & Auditing, we offer a full range of services to help your business wind up operations in ADGM, ensuring that the liquidation process is handled correctly and efficiently:
Legal and Regulatory Compliance
We guide you through ADGM’s legal requirements, ensuring all compliance steps are met, from document submission to regulatory notifications
Drafting and Filing Documents
We prepare all necessary resolutions, declarations, and legal documents required for the liquidation process, ensuring timely and accurate submissions
Asset and Debt Management
Our experts assess company assets, manage their sale, and ensure debts are settled fairly and in accordance with applicable laws
Publishing Liquidation Notices
We handle the publication of liquidation notices in the required local newspapers, meeting ADGM’s guidelines.
Clearance and Deregistration
Elevate manages all clearance processes, including canceling visas, work permits, and any outstanding liabilities
VAT and Economic Substance Compliance
We ensure that your company meets VAT deregistration and Economic Substance Regulation (ESR) compliance, preventing penalties after liquidation
Role of the Liquidator in ADGM
As an ADGM-approved liquidator, Elevate Accounting & Auditing plays a crucial role in overseeing the entire liquidation process. Our responsibilities include:
Assessing Company Assets and Liabilities
Ensuring an accurate valuation of the company’s assets to pay off outstanding debts.
Final Reports
Preparing the liquidation report and ensuring all required documents are submitted for company deregistration.
Debt Settlement
Managing communication with creditors and facilitating the payment of liabilities.
Compliance with ADGM Regulations
Ensuring all ADGM regulatory steps are followed, including submission of final documents and clearance certificates.
Why Choose Elevate Accounting & Auditing for Your ADGM Company Liquidation?
- As ADGM-approved liquidators, we ensure your liquidation process complies with all ADGM legal requirements.
- Our experienced team specializes in handling business liquidations in ADGM and across the UAE, ensuring a hassle-free process
- We offer tailored liquidation solutions to meet the unique needs and circumstances of your business.
- We maintain a transparent liquidation process, ensuring clear communication and understanding at every step.
Contact Elevate Accounting & Auditing Today
If you’re considering company liquidation in ADGM, trust Elevate Accounting & Auditing to provide reliable, efficient, and compliant services. Contact us today to schedule a consultation and get expert guidance on the liquidation process.
Let us help you navigate the complexities of ADGM company liquidation and ensure a seamless closure of your business operations.