If you want to exit your business but cannot find a suitable buyer or restructuring scheme, you may have to dissolve the company by liquidating your assets to pay any outstanding debts. The process of liquidation differs for each type of asset and there is no set rule for doing so. Be sure to remember, however, that assets financed through a bank require bank approval before they can be sold.
Debt evasion is a serious issue in Dubai and failure to repay debts can result in harsh punishments, including jail time. Most commonly, disputes between debtors and creditors are settled informally. If that is not possible the dispute will have to be handled by the courts.