ll business entities not necessarily become able to thrive in the competitive market place, as anything may become possible in the present competitive world. Thus, in some cases, a legitimate business unit fails to generate enough profit for its stakeholders and shareholders or it experiences various unseen/unavoidable economic hassles.
In such situations, such company or business owners decide to windup their business operations, while consign various properties and aspects among its shareholders and credits. This procedure is company liquidation and it involves certain rules and regulations, as mentioned in liquidation of free zone company in Dubai. Even a few experts call it as winding-up procedure, liquidation of creditor or dissolution.
To step ahead for liquidation of free zone company, you have to make sure about following important things-
While summarizing the procedure involved in closure of business in any free zone of UAE, we have found three different ways, which include-
You may claim for bankruptcy when judiciary passes on commercial transaction law 1993 of UAE or Dubai.
According to this process, company owner has to assert a specific company shut down and gives call to schedule its meeting with various company creditors.
Summary liquidation is a speed-up procedure and it requires only 6months period for the closure of any company. This works only whenever any company does not possess liability and is able to release its essential liabilities within the respective period.