Not all businesses adapt to changing business weather. If the business cannot sustain anymore, it enters a liquidation stage and finally, it must declare itself bankrupt.
That’s why companies need the help of liquidation services to play their part. Let us look at some important features of company liquidation services.
Company liquidation is a long, tiresome and contentious procedure. You have to file an application for instating the de-registration process and confer with employees and various government departments. To invalidate the company, you need a proper fulfilment of the application forms, & de-registering of certificates from all government agencies.
What makes the Company Liquidation necessary?
When company debts exceed the value of total assets.
When your company cannot pay off debts.
The company undergoes a higher rate of attrition.
When the company has failed to register itself as a public, private or public company.
Failed to trade for one year from incorporation.
What role does liquidation services play?
The liquidation services are designed to ensure fair distribution of the insolvent company’s assets for the creditor’s benefits. Here are some of their procedures:
Ensures that the debt of the company is recovered.
Intimate the creditors and debtors about the procedures.
Sanctions the dormant company to be de-registered.
Facilitates the independent investigation into the affairs of the company.
Consider possible advanced payments to all shareholders.
Managing Liquidation And Final Closures
The final stages of liquidation include procedures like
Disinvestment of the assets.
Debt recovery and paying off creditors
Liaison amidst notary and government authorities
Preparing all the documents
Arrangement of accounts for liquidation
And the closure of the case once and for all by
Termination of contracts Last settlement of payments
Notice and publication
De-registration
Why choose Youssry & Co. Auditing & Consultancy?
We are a prime company liquidation services in Dubai. With the aid of our competent staff, we manage our liquidation services in the UAE. with great care. We do not pass the case to other third-party service providers and examine them with our in-house resources. We assign the tasks to our experts who will assist you in the entire process. Thus, we guarantee our clientele confidence and peace of mind.
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