Company liquidation refers to the process of discontinuing a company's operations and shutting it down for a variety of reasons. Ending business operations and shutting down a business entails a variety of tasks, including dispersing organizational assets to distributors and owners. The liquidator is in charge of the entire liquidation procedure. Depending on the kind of company liquidation, the court or the shareholders choose the liquidator. The liquidator is responsible for a variety of tasks and actions.
What Are The Different Types Of Company Liquidations In The United Arab Emirates?Liquidation by Compulsory Order:
When the Company receives a Court Order to wind up all business operations and liquidate the Company, it is considered to be in the process of compulsory liquidation. The assets of the organisation are allocated to the creditors and other stakeholders in order of their contribution to the organization's priority.Liquidation on your own volition:
Voluntary Liquidation occurs when the Company's shareholders elect to wind down the organization's business operations and liquidate the company because they do not have enough money to pay the creditors and run the business. In a Voluntary Liquidation, creditors are given first preference.
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- Appointment of the liquidator,
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