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Dissolution and liquidation of companies

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Dissolution and liquidation of companies

Company liquidation is the way in which companies, whether an LLC or a free zone company, legally end their operations.

A company can be dissolved willingly or when it is unable to pay its debts. There are two types of liquidation procedures: Willingly liquidation and compulsory liquidation.

Liquidation Features:

  • This happens to the company, not to individuals inside the company.
  • The management of the liquidation is transferred to the appointed liquidator, relieving some of the pressures that the director may be exposed to due to this process.
  • Once a company is liquidated, creditors can no longer pursue directors for payment.
  • Unsecured debts are written off.
  • Once a company is closed, all legal actions against the company are stopped.

Liquidation of a company requires a qualified approach with strict adherence to formal procedures. Only a full understanding of current legislation can help you meet the liquidation requirements, and our lawyers and consultants have the experience and competence to provide advice and procedures to the client regarding the liquidation and dissolution of the company.

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