Liquidation Services

Liquidation is the process by which a company (or part of a company) is ended; the assets and properties of the company are redistributed to owners after settling all the liabilities of the Company. We refer to liquidation sometimes as winding-up or dissolution, although dissolution technically refers to the last stage of liquidation.

We have two types of liquidations processes:

1. Liquidation by agreements or voluntary one, sometimes referred to as a ‘shareholders’ liquidation’ is when the shareholders of the company decide to cease the operation due to no profitable business or due to accomplishment of delivering its projects or achieving the purposes for which it was created for.
2. Compulsory liquidation is when the liquidation of the company has been decided by the court due to neglect or non-fulfilment of obligations, sometimes referred to as a ‘creditors’ liquidation

Vtandem LLC will help you to do the following referring to Commercial Company Law No. 11 of 2015, especially articles 304 to 321 (295, to 312 in the previous commercial company law), with no limitation of the following:

• Sending the notice of the liquidator’s appointment to the Registrar (company control section).
• Cessation of Board’s power upon approval from Ministry of Commerce and Industry.
• Announce the liquidation in two local newspapers as required by the said law.
• Collect all the assets and pay all the creditors including the cease of employees’ contracts and pay their end of services.
• Cancel the computer card within the immigration department.
• Cancel the company record with the labor department.
• Process Tax clearance with Ministry of Finance.
• Delete the enrollment of the company.