Guidelines for Hiring a Competent Lawyer in Abu Dubai


The compulsory liquidation process is imposed on the company who becomes bankrupt. It is a court-based process handled by competent lawyers in Abu Dhabi. According to this process, the assets of a company are gathered and then distributed to the reserved. The company’s creditors, directors, or shareholders can make a winding-up petition.
If your company is insolvent and you are deciding to wind it up then hire our associate lawyers and issue a winding-up petition. This procedure is usually carried out informally. Therefore, get the liquidation of your company by professional means.  
Important Method of compulsory liquidation you should know
Below are some common ways carried out by Abu Dhabi Lawyers for winding up a company through a compulsory liquidation process
·         The first step involves filing a winding-up petition for the compulsory liquidation process
·         The court issues a winding-up order after investigating the company’s situation
·         The rule of the company’s owner will be finished and the business is handed over the official liquidator
·         The liquidator will manage the company’s assets including all property and estate to settle debts.
·         The closure of the company along with is the final step.
What are the Possible Outcomes of Liquidation? 
·         The creditor gets their outstanding debts
·         All the employees are dismissed after the liquidation process and they are given prerequisite according to UAE employment law.
·         The company’s director is dismissed from the office. They have to assist lawyers in Abu Dhabi regarding the company’s assets and liabilities
Are there any risks involved in this process?
Following risks are involved in compulsory liquidation process:
·         Liability for company debts
·         Fine is imposed
·         Ineligible for being a director in the future
Reliefs are claimed by the company includes the demand to pay the debts and enter into a mutual agreement 
In the End
You must hire a liquidator to deal with bankrupt companies. They have proper strategies to handle winding up of a company that you are not aware of. Our associates are leading and professional liquidators in UAE. Therefore, avail our services and save your debts before it is too late. 

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