Nov 14, 2022 
Business
Liquidation – Requirements Check List
Company Liquidation is a process of selling or dissolving a business, in other words, ending a company’s existence. The process involves selling the business’s assets or converting them into monetary funds, which are distributed to shareholders, company members, and any outside creditors who are owed money after the company is liquidated. Businesses don’t need to be insolvent to liquidate; liquidation can be voluntary or involuntarily.
Following is the initial list of requirements for liquidation process to begin:
- A copy of the trade license
- The copy of the Memorandum of Association (MOA)
- Power of Attorney (if any)
- Passport copies of all the shareholders and copy of the Emirates ID
- Etisalat clearance letter (if Etisalat connection)
- Post box clearance letter (if have)
- Customs clearance letter (if you have a customs number)
- Bank closer copy
Spectrum Audit, as company liquidator will ensure a 100% supervision in the liquidation process, turning the company’s assets into cash, discharging the business’s liabilities, and distributing any leftover money to the shareholders
