DMCC Approved Liquidators
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Approved Liquidators DMCC
Company liquidation is a process where a company or a business has to wind up its operations when they are no longer able to run their business. This is also known as License Termination & License Cancellation. The procedure and requirements for liquidation vary in the different zone. The rules and processes for Liquidation in DMCC are different than any other zones. Winding up a company is a complex task and requires a lot of paperwork and legal work. The Liquidator in DMCC simplifies the complex tasks and helps the company to the liquidation process. The DMCC approved liquidators assists the company to wind up with the compliance of the UAE company law. A liquidator is either appointed by the court or by the stakeholders.
Types of DMCC Company Liquidation
The type of Liquidation to be chosen depends on the circumstances that invite the windup of the company. Below mentioned are the following types in which DMCC Company Liquidation can be conducted.
- Summary Winding up – This type of wind is done when the director of the company declares that within a period of 6 months the company can wound up.
- Solvent Winding Up – This type of wind is done when the director of the company declares that within a period of 12 months the company can wound up.
- Insolvent Voluntary Winding Up – This type of wind is done when the company has to pay off the debts to its creditors. As the name suggests, this wind-up is voluntarily done by the company.
- Involuntary Winding Up by The Competent Court – This type of wind-up is done when the company receives orders from the DMCC authority to wind up the company. The company might receive the order in the following cases –
(a) When the company has been struck off.
(b) When the company has violated the regulations of DMCC.
What circumstances invite company liquidation in DMCC?
Liquidation occurs when the company has reached the point when there is no other chance except turning their assets into cash and getting the company liquidated by the approved liquidators in DMCC. This procedure is done to pay off the debts to the creditors of the business. Following are the circumstances the invites company liquidation in DMCC –
Procedure for the Liquidation of a company in DMCC
The companies who are unable to abide by the guidelines stated by the DMCC have to follow the below-mentioned process and get the liquidation done by DMCC approved liquidators
DMCC company liquidation with Elevate Accounting and Auditing
Elevate is an approved liquidators in DMCC. We assist and guide the companies in liquidation by making sure the guidelines of DMCC are followed in every step. As a DMCC liquidator we will provide a Liquidator’s report by auditing your company which will make the liquidation process smooth.