Filing for bankruptcy or liquidation in case of business failure - Q&A - Legal Advice Middle East

Question

Q: A partner of a small civil company with a professional license issued by DED. My company has lost court cases wherein we have to pay… A: Liquidation through the agreement of all partners is the best option. Not necessarily, depends on the situation and whether the partners or board members have…

Ahmed Mohammed Bashir · Accepted Answer

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.

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