The Dubai Commercial Court of First Instance mandated the dissolution and liquidation of a contracting company that had suffered losses exceeding Dhs344 million, along with the appointment of a specialised accountant to inventory the company’s assets and enumerate its rights and obligations.
The role of the liquidator will be to sell the company’s assets at public auction, deposit the sale proceeds in a bank account designated for the company under liquidation, notify the company’s creditors as appropriate, pay off the company’s outstanding debts, and divide any remaining funds among the partners in accordance with their respective shares.
According to the official documents, the owner is a different company that owns 49 shares in the limited liability contracting company that the court ordered to be liquidatedThe company, which holds almost half of the shares, requested the contracting company be liquidated, according to the case file, because it was losing money on operations and could not continue as a business due to a lack of funding, ongoing projects, or other means of carrying out its operations. It has accumulated losses since 2016 and has been unable to secure funding to enable it to carry on.
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