The procedures of declaring bankruptcy and liquidation of a company

Question

Q: I am trying to seek help for my brother's business. Some cheques have bounced. labour payments were not done for the last 3 months. We would like to file for bankruptcy… A: The "Debtor will first be required to submit an application along with supporting documents before the Court…

Rajasree Ravivarma · Accepted Answer

In order to initiate judicial bankruptcy, the "Debtor will first be required to submit an application along with supporting documents before the Court.

The Court will examine the application on a prima facie basis and will decide whether to accept or reject the application.

The required supporting documentation to be prepared and submitted by the Debtor are as follows: -

1. a memorandum containing a brief description of the economic and financial position of the Debtor, information about its assets, and detailed disclosure of its employees;

2. a certified copy of the commercial, industrial or professional license and the commercial register issued by the competent authority within the UAE;

3. a copy of the commercial books or financial statements relating to the Debtor's business for the fiscal year preceding the submission of the application;

Upon the Court's satisfaction, the trustee or controller shall be appointed. It is a lengthy process and I would like to have your presence to discuss this matter in detail.

Regards,

Rajasree Ravivarma

rajasree@hlootahlaw.com

+971585836631

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