Liquidation DIFC

Overview:

The Dubai International Financial Centre (the ‘DIFC’) is a federal financial free zone which has been granted authority to self-legislate in civil and commercial areas. An amendment to the UAE Constitution and a resulting federal law concerning financial free zones have allowed the government of Dubai to create a legal framework based on best practices of leading jurisdictions in Europe, North America and the Far East. The laws of the DIFC (‘DIFC Law’) are enacted by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, and under the UAE Constitution, are considered at the level of local legislation.

The DIFC Insolvency Law (DIFC Law No. 1 of 2019):

The DIFC Insolvency Law (DIFC Law Law No. 1 of 2019) (the ‘Insolvency Law’) sets out the procedures that result in the recognition or liquidation of an insolvent Company. The Insolvency Law provides for company voluntary arrangements, company receivership and both voluntary and involuntary winding-up procedures.

Winding-up:

The winding-up of a Company may be either voluntary or compulsory. A voluntary winding up is initiated by the Company and may proceed as a members’ voluntary winding up . A compulsory winding-up is by the Court. 

Types of Winding up:

• Voluntary winding-up

• Members’ voluntary winding-up

• Creditors’ voluntary winding-up

• Compulsory winding-up

How can we help?

As Liquidator, approved by DIFC Registrar of Companies for regulated and non-regulated entities in the DIFC, we can assist you and provide liquidation services complying to the requirements set upon by the relevant regulations. We have vast experience in providing liquidation services to our clients.