DAFZA Approved Liquidators

Company Liquidation is a long procedure and indeed not an easy task

The process of bringing a business to an end and distributing its assets to claimants is called liquidation. It is an event that usually occurs when a company is insolvent, meaning it cannot pay its obligations when they are due. Insolvency essentially means that a business reaches a point where it is not able to make necessary payments when they are due. Choosing liquidation converts the business assets to cash, which is then used to make these payments. In such cases companies are not any more functional or there is simply a mutual agreement that it should be the end of a certain business. If organization is in a situation like this, it can be expected that it’s going to be a dissolved company in the near future. Liquidation is also known as winding-up or or deregistration.

DAFZA is one of the most prestigious and advanced free zones in Dubai located in the Dubai airport operated with the vision to provide an ideal base for business in the Middle East by providing a business-friendly environment, world class infrastructure, tax exemptions, full repatriation of earning, total ownership and exceptional facilities. 

All the businesses operating in DAFZA are required to liquidate their company through the registered auditors of DAFZA in accordance with the rules established by the free zone authority and the UAE government.

The liquidation of a company starts with appointing the register liquidator of DAFZA.

  • The Board of the company has to pass a resolution that the company is under liquidation and appoint a liquidator.
  • Newspaper advertisement is published in both Arabic and English languages with 45 days of notice for creditors to submit their proof of claim and obligations.

    At the time of liquidation and after the passing of the Board Resolution, the below clearances need to be obtained for the liquidation procedure to process further –
  • P.O Box clearance should be obtained
  • Clearance certificate from banks, telecommunications and other government utilities should be obtained
  • The accounts are finalized by the finance and accounts department and the customer needs to avail the final visa status report along with the NOC from visa department, from Leasing, Licensing and Legal affair and submit all the original deposit receipts

The liquidation process will take effect 30 days after the submission of the required documents and publication of the de-registration notice
After the liquidation task is fully completed, a liquidation report must be issued by the appointed liquidator and submitted to DAFZA and on Approval DAFZA will issue certificate of de registration.
ARC Associates is the registered liquidator of DAFZA. Company liquidation is not indeed an easy task, that is why it is best to be done with specialized experts of ARC Associates.

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