The Dubai Commercial Court of First Instance ordered a contracting company that suffered losses exceeding Dhs344 million to be dissolved and liquidated. A specialist accountant was also assigned to inventory the company’s assets and list its rights and obligations.
The liquidator will be tasked with selling the company’s assets at public auction, putting the sale proceeds in a bank account designated for the company under liquidation, informing the company’s creditors as a result, paying off the company’s outstanding debts, and dividing the remaining assets among the partners in accordance with their respective shares.
The official documents state that the limited liability contracting company that the court ordered to be liquidated is owned by another company, which owns 49 per cent of the shares and a businessman who owns the remaining 51 per cent of the shares.
According to the case file, the company, which holds almost half of the shares, asked for the contracting company to be liquidated because it was losing money on operations and could not continue as a business due to a lack of funding, ongoing projects, and means to carry out its operations. Since 2016 until now, its losses have mounted, and there has been no way for it to get funding to keep going.
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