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Liquidating assets

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.

 

Published Date : 13/06/2017Back

RELATED GOVERNMENT ENTITIES

Department of Economic Development
Dubai Electricity & Water Authority
Ministry of Labour
General Directorate of Residency and Foreigners Affairs
Dubai Courts
Ministry of Justice

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Etisalat
Du

RELATED TOPIC LINKS

How to leave the UAE correctly - The National newspaper
Points to ponder before you leave - The National newspaper

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