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3. Newspaper Publication reach out to suppliers and customers to arrive at an
amicable solution.
In case of Dubai Development Authority,
advertisement to be published for one day in 6. Final Financials-
two local daily newspapers - English and Arabic
regarding the license cancellation of the company Last but not the lease, is the preparation of the final
providing 45 days’ notice to the public. However, accounts of the Company. The Liquidator has to
for DIFC, notice of the advertisement shall be within make sure that all the assets and liabilities is zero.
fourteen days of passing a Resolution for Voluntary In some cases, we have seen the Company forgot
Winding Up in English newspaper for three applying for deposit refund, which again extended
consecutive days. Hence each authority is having the liquidation process. Hence the Company should
their own regulations for publication, which should maintain a list of assets and liabilities, so that
be taken into consideration. nothing is missed out.

4. License Expiry- To conclude I would like to emphasize that before
deciding for liquidation, the Management of the
In some cases, we have seen that, the client license Company should seek a professional advice to avoid
has expired before he/she applied for liquidation. any blunder mistakes or non-compliance. As we

In such cases authorities might ask to renew have seen from experience that before the Company
the license first and then applies for liquidation. appoints a liquidator, a lot of mistakes which could
However, it may be noted that if during the course be avoided have already been committed and to
of liquidation the license has expired, then in such resolve them the liquidator needs to start from
case license renewal is not required. scratch.

5. Third Party NOC’s-

The Company under liquidation needs to obtain
NOC’s from different Government departments,
like Customs, RTA, DEWA, Emirates PO Box, Du or
Etisalat. Of lately FTA has also started “Clearance
Certificate Request”. The bank account closure also
is a vital step, since there might be PDC’s issued or
received. In such scenario, the Company needs to CA Chirag Gupta

Disclaimer:
This article and/or write ups and/or any of its content shall not be treated as opinion and/or advice in any circumstances of the author(s) and/ or the Chapter. Reader’s to apply their best
judgement in the best interest of their requirement and should seek a formal opinion on any issue.

The Institute of Chartered Accountants of India (Dubai) Chapter NPIO TAX JOURNAL 2020 43