Closing company and clearing liabilities and visas of partners

Question

Q: Does it mean visas are automatically cancelled & they can come on visit OR visas have to be physically cancelled at the immigration dept? Want to close the company… A: Since all the partners have spent more than 6 months outside the UAE, their visa's have automatically been expired…

Hari Wadhwana · Accepted Answer

Dear Sir/ Madam,

Thank you for getting in touch with me on this.

Please find my comments on your query as follows:

1- The personal credit card liability of individual partners will not affect the other partners or the company as it remains personal to the partner. The bank will attach the said partners' assets and not the company's.

2- Since all the partners have spent more than 6 months outside the UAE, their visa's have automatically been expired and they will have to travel into the UAE with new work/visit visa.

Considering that the labour card is also cancelled, I believe you should get the license cancelled too.

3- As explained above, the credit card liability of the partner will not attach to the company and the other two partners will not be harassed or called upon to pay the debts of the other two partners.

As long as the credit card or loan is not taken on the company's name, the partners are not liable to the bank.

I trust I have dealt with your queries.

You can get in touch with me on 052-9495731 or email on hari.wadhwana@gmail.com.

Regards,

Hari Wadhwana

Questions & Answers