The process of liquidation of the company is either voluntary or non-voluntary because it can happen at any time that you may want the company to become a predicament of solvent. However, the process of liquidation of the company is still unfamiliar by many of the people that are trying to prosper and are struggling than becoming peaceful and comfortable while practicing all the concepts of business’ infrastructure and the working phenomenon of the business.
Therefore, if you are unfamiliar of the concept of the process of liquidation of the company then you must know that it is the process of ending the working infrastructure of the business and distribute all the assets of the business’ working infrastructure in all the claimants of the company, organization, or the business. In many cases, you will find that the only solution for the betterment of the business’ infrastructure is to opt for the process of liquidation of the company. Click here for info about liquidation of LLC company in Dubai. However, if you are unfamiliar with many concepts of the process of liquidation of the company then you are at the right place because, in this article, I am going to identify the many states of the process of liquidation of the company and these are in the section below:
- The first process of liquidation comprises the compulsory liquidation of the company. However, it means that all the creditors from whom you may have acclaimed the loan or some amount for the benefit of the business can apply for the claim of the business’ liquidation if and only if they find that you are incapable of paying all the debts by yourself.
- The second process of liquidation of the company comprises the members of the community with whom you are working or for whom you are working. However, they are capable of conduction a Members Voluntary Liquidation and that only occurs when the company is solvent and is incapable of paying all the outstanding debts that the claimants have claimed in the first place.
- The third and the final process of liquidation of the company is the Creditors’ Voluntary Liquidation. In this process, the directors of the company that is on the edge of becoming solvent become the reason for filing the statement of the process of liquidation of the company than the creditors. It is because they find that the company is incapable and are unable to pay all the debts.