Questions & Answers
Questions & Answers
4 available 4 • View allFiling for bankruptcy or liquidation in case of business failure


1
Q: I am 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 400,500 AED. These cases are in the execution stage.
My company also has debts of 364,000 on our books. The company is not in a position to pay the proven debts in execution court or the pending debts mentioned in our books. I want to close the civil company.
Question 1: Is it better for me to file for bankruptcy or file for liquidation of the company?
(Or will the court immediately start one procedure if I register the other procedure?)
Question 2: I heard that the court starts criminal proceedings automatically if bankruptcy proceedings are started. Is this true? What rules to follow to avoid criminal charges?
Question 3: After the civil company is declared bankrupt, will the partners still have to pay the creditors (In the ratio of the shares they held in the civil company) because our company is not an LLC.
Thank you for your help!



Nov 1, 2021
734
The difference between dissolution, liquidation and bankruptcy


2
Q: Dear sir/madam,
I have a small civil company for consultancy activity (not an LLC). The company has debts that we have not been able to pay. One of the partners is refusing to cooperate and refusing to sign a company closure contract for mutual dissolution of the company.
A) What steps can I take to dissolve the company?
B) Is there a difference between "dissolution", "liquidation" and "bankruptcy" for a civil company?
C) What are the rights of the creditors of the civil company after the company is no longer existing?
D) What happens to earlier existing execution cases against the company after the company is no longer existing?
Thank you for your replies and assistance over here!
I can visit the offices of the lawyer who makes an informative reply here to negotiate to represent me for this issue.



Jan 18, 2022
655
Insolvency process of a bankrupt limited liability company
4
Q: Hi.
I would like to file for bankruptcy for one of my mainland LLC companies under the new bankruptcy law in the UAE and would like to connect with law firms that provide this service.
For the first meeting with such law firms, I am looking for free consultation only.
Thanks.

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Can a company in the UAE still operate if it has declared bankruptcy?




0
Q: Can a company in the UAE still operate if it has declared bankruptcy?





+1
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