Comprehensive Guide to Approved Liquidators in DMCC for Company Liquidation
Company liquidation in DMCC, also known as license termination or license cancellation, involves winding up operations when a business can no longer function. This process varies across different zones, and the rules for liquidation in DMCC are unique. Engaging DMCC approved liquidators ensures compliance with UAE company law and simplifies the complex legal and paperwork requirements. These liquidators assist companies in winding up their operations, whether the liquidation is summary, solvent, insolvent, or involuntary. Summary winding up is done when the director believes the company can be wound up within six months, while solvent winding up allows a 12-month period. Insolvent voluntary winding up is performed to pay off debts to creditors, and involuntary winding up is ordered by the competent court in cases like company strike-offs or regulatory violations. Liquidation occurs when a company has no other option but to convert assets to cash to pay off debts.