Bankruptcy Declaration
A formal bankruptcy declaration offers a structured "fresh start" rather than a dead end. As your insolvency lawyer, we guide you through a secure "Preventive Settlement" that protects your business from immediate creditor action. We buy you a filling window to ensure your assets are shielded while a viable restructuring plan is developed. Our firm provides a supportive, expert hand to transform a period of crisis into a manageable legal transition. By acting as your insolvency litigation lawyer, we ensure that your rights as a debtor are fully upheld under UAE Law.
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Our insolvency lawyer has done it so many times before:
- Automatic Stay of Proceedings: Securing immediate suspension of all civil and criminal execution files, including “bounced check” cases related to the insolvency.
- New Financing: Assisting in obtaining “Priority Financing” during the bankruptcy process to keep essential operations running.
- Moratorium Management: Navigating the legal period where creditors are barred from taking individual enforcement actions against your assets.
- Expert Report Preparation: Coordinating with court-appointed trustees to present an accurate and favorable financial picture to the Bankruptcy Court.
Asset Liquidation of Debtors
If a business is no longer viable, the orderly liquidation of assets is essential to prevent personal liability and criminal scrutiny for managers and directors. As your insolvency lawyer, we manage the distribution of proceeds to creditors according to the strict legal "pari passu" ranking. We provide a robust defense against "clawback" claims or allegations of asset dissipation. Our goal is to close this chapter with transparency, protecting your professional reputation for future ventures.
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The following is an easy work for our insolvency lawyer:
- Trustee Liaison: Working closely with court-appointed trustees to facilitate the inventory and sale of corporate assets at fair market value.
- Creditor Ranking: Ensuring that “Secured Creditors” and “Preferential Claims” (like employee wages) are handled in the correct legal order.
- Avoiding Clawbacks: Defending transactions made prior to insolvency from being overturned by the court as “preferential transfers.”
- Director Liability Shield: Protecting board members from personal financial liability by proving that “due care” was taken during the insolvency phase.
- Final Distribution Plans: Reviewing the liquidator’s final report to ensure all statutory requirements for creditor payouts are met before the case is closed.
Company Liquidation & Dissolution
Deciding to liquidate your company in Dubai is a strategic move that requires perfect administrative and legal execution to avoid lingering fines or visa blocks. We manage the entire wind-down process, from appointing a licensed liquidator to obtaining the final "Certificate of Deregistration" from the Department of Economy (DET). Our "friendly" approach handles the stress of labor cancellations, tax clearances, and lease terminations so you can move forward with a clean slate. Whether you choose a voluntary path or are forced to liquidate your company due to insolvency, we ensure every "i" is dotted and "t" is crossed. We turn a complex exit into a seamless, professional dissolution.
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We handle everything from A to Z:
- Licensed Liquidator Appointment: Managing the formal resolution and acceptance letter required by Dubai’s economic and free zone authorities.
- Public Notice Management: Handling the mandatory notice period in local newspapers to invite and resolve any final creditor claims.
- Visa & Labor Clearances: Coordinating with MOHRE and GDRFA to cancel all establishment cards and employee visas without penalties.
- Tax Deregistration: Finalizing Corporate Tax and VAT filings with the Federal Tax Authority (FTA) to obtain the essential “Tax Clearance.”
- Bank & Utility Closure: Securing the final closure letters from financial institutions and DEWA to finalize the company’s administrative exit.
- Certificate of Dissolution: Obtaining the final legal proof from the registrar that the entity no longer exists, ending all corporate liabilities.