طلب إشهار الإفلاس أو التصفية في حالة فشل الأعمال التجارية

Hi,

You have the liquidation option and can be implemented either judicially by a request of one partner or mutually agreed by the shareholders.

The second method is easier and will lead to the appointment of a certified liquidator who shall take over the company operations till closure.

We need to review the company documents to advise further.

Kindly contact us via phone or email.

Hello,

As per your query, even in bankruptcy, if the debt is not settled and the company assets are not sufficient to close the debt, the board of directors and the partners are still liable.

There can be both insolvency and liquidation proceedings to be filed by placing the application to the court to appoint a liquidator and to declare the partners as insolvent.

The timeline of the proceedings is also important. This is a very generic solution, we need to check the entire scenario.

Please contact us via phone or email for further assistance!

Dear Questioner,

Answer for Q1: Liquidation through the agreement of all partners is the best option.

Q2: Not necessarily, depends on the situation and whether the partners or board members have misused the funds.

Q3: We do not recommend bankruptcy, we prefer liquidation and yes they could be still liable with their personal money.