Liquidation and Litigation Services in Sharjah
Liquidation and Litigation Services in Sharjah are essential for businesses that are looking to close down their operations. These services help companies to legally terminate their business activities and wind up their affairs smoothly and efficiently.
At AFS Auditing, we provide comprehensive liquidation and litigation services in Sharjah, including company liquidation, company deregistration, company closure services, and liquidation report preparation. We understand the complexities of the process involved in closing down a business and have the experience necessary to ensure that all legal requirements are met. We also offer advice on the best way forward for your particular situation.
What is company liquidation?
Liquidation of a company is a process of legal insolvency that concludes the firm’s operations. An organization that goes through liquidation sells its assets to pay off its liabilities, debts, and commitments. Often known as ‘winding down’, the business license of a company is canceled upon liquidation. This is because its name is deleted from the Trade Registry, and the firm is considered to have ended.
What are the reasons for liquidation?
There can be diverse reasons for liquidation, the major ones are:
- The expiry of license/ duration stated in the articles of incorporation/ association or the accomplishment of the objective for which the entity was set up
- The loss of all or a major portion of the entity’s assets
- Shareholders’ approval that the entity’s term of existence can be brought to an end as per the stipulated majority, etc.
Types of company liquidation methods?
There are two types of company liquidation methods under UAE law:
- Liquidation voluntarily: Corporations may wind up voluntarily for a variety of reasons, including the expiration of a defined period, achieving the firm’s mission, abandoning the firm’s goals, merging with another company, ongoing commercial setbacks, or not being able to meet their obligations.
- Compulsory winding up or legal liquidation: This refers to the necessity of winding up a company when it has committed a significant violation of the law or has become incapable of carrying on its business. It also takes effect when customers submit complaints to government agencies to recover their assets. As a result, the local government takes steps to dissolve the enterprise forcibly.
Why Choose Us?
When you choose us for your liquidation needs, you can be assured that you will receive personalized service from our team of experts who understand the intricacies of Sharjah’s legal system. Our team is dedicated to providing you with quality service at competitive prices.
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