Company liquidation means that a company is no longer in a position to fulfil its debt and satisfy its creditors. Some companies also provide accounting and bookkeeping services in Dubai. It is important to understand the process before approaching a company liquidation service. However, it is important to state that there are two types of company liquidation.
There is also known as voluntary liquidation or a winding-up order. The process of liquidating a company is generally through a process court that authorizes and directs the company liquidation service to undertake the process of selling off parts of the company to pay off debts and make a fresh start.
There are only a few company liquidation services that are commonly referred to as liquidators. These companies do not have to follow any law or regulation, and they operate on a “cash only basis”, which means they are free to buy and sell all of your assets in the exchange for cash.
The main advantage of using company liquidation services is that they offer assistance to businesses and individuals that find themselves deep in debt and cannot work out a repayment plan with their creditors. They can pay their debts over a period of time. However, some companies will not be able to do this and will need to go through the process of insolvency. It is important to note that not all insolvencies require a court case.
When looking to use company liquidation services, it is important to look for the following documents: A legal certificate of insolvency from the Government. You will need this to prove that you are in a state of bankruptcy. It is also important to note that the court will likely require you to supply the necessary documentation proving your financial difficulty. This includes copies of bank statements, pay slips, income tax returns, bills, and various other important documents.
Another important document to send to company liquidation services is a copy of the property lease agreement. You need to provide the company with a copy of this agreement so that they can properly carry out their plan to carry out liquidation.
Finally, it is important to understand that company liquidation services will not be able to help you with any tax issues. If you owe the authorities a large sum of money or have tax debts, you may have different types of solutions including payment plans with reduced tax obligations.