What are the Necessary Outcomes of Compulsory Liquidation?

Once a company goes through the process of liquidation, there are surely some necessary outcomes. These outcomes are to be faced by the firm at all costs. Debt collection Dubai agencies are there for your legal support and expertise. 

They have vast knowledge and efficient methods through which they can help you. Moreover, they are always updated about the legal advancement in the rule of law. This way they can solve your case efficiently and produce effective results. 

Necessary Outcomes

Below are few necessary outcomes of liquidation. You need to know them before taking any legal steps. Moreover, it is advised to take help from legal assistance for your legal matter. 

  • Compulsory Liquidation for Creditors

An unsecured creditor may receive all the outstanding debts at the end of the liquidation of the process of the company. A creditor has to provide the liquidator with details of the claim. The liquidator will then assess all the proofs of debt. 

He may either accept a claim in whole or part or reject it.

  • Compulsory Liquidation of Employees

All workers of a company are automatically dismissed if a winding-up order is created. A former employee may be entitled to a gratuity benefit as per UAE employment law. Debt recovery Dubai agencies can guide you well over this matter for your company. 

  • Compulsory Liquidation for Directors

When a company goes into compulsory liquidation, the powers of its director’s cease and they are automatically dismissed from office. As a former director of a company that is being wound up, you may be required to assist the liquidator. And to provide a statement of the company’s assets and liabilities

Final Remarks

Hence, if you want to know about it, you may contact debt recovery Dubai agencies. They are available all over the UAE for your legal support and help. Moreover, they provide their services in Ajman, Sharjah, and Fujairah as well.