Company liquidation
Introduction
Winding up companies, solvent or insolvent: appointing the liquidator, realising assets, paying creditors and closing the registration.
A solvent company can be wound up voluntarily under the Companies Law: the owners resolve to dissolve it, appoint a liquidator, notify creditors, settle debts and distribute what remains. An insolvent company is liquidated under the Bankruptcy Law, under the court's supervision, with its assets realised by a trustee and distributed according to the creditors' ranking.
Liquidation brings its own risks: employee claims, which rank high, zakat and tax clearances, open litigation, and the personal liability managers can face for decisions taken while the company was insolvent. We plan for each before the process starts.
We act for owners, liquidators, trustees and creditors through the whole process. The liquidations and estates we have handled cover assets of 10 billion.
How we help
What the work covers
Route
Voluntary liquidation under the Companies Law, or liquidation under the Bankruptcy Law.
Assets
Inventory, valuation and sale of the company's assets.
Creditors
Notices, claims, ranking and distributions to creditors.
Closing
Clearances, final accounts and removal from the commercial register.
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