Liquidation in Qataris the process by which a company (or part of a company) is ended; the assets and properties of the company are redistributed. We refer to liquidation sometimes as winding-up or dissolution, although dissolution technically refers to the last stage of liquidation. We have two types of liquidations process:
1. Liquidation by agreements or voluntary one, sometimes referred to as a ‘shareholders’ liquidation’ is when the shareholders of the companies decide to cease the operation due to no profitable business or due to accomplishment of delivering its projects, or achieving the purposes for which it was created for.
2. Compulsory liquidation is when the liquidation of the company has been decided by the court due to neglect or non-fulfillment of obligations, sometimes referred to as a ‘creditors’ liquidation’.
Ansari Auditors Qatar team will help you to do the following referring to Commercial Company Law No. 11 of 2015 in Qatar, especially articles 304 to 321 (295, to 312 in the previous commercial company law), with no limitation of the following:
Sending the notice of the liquidator’s appointment to the Registrar (company control section).
Cessation of Board’s power upon approval from Ministry of Economy and Commerce.
Announce the liquidation in two local newspapers as required by the said law.
Collect all the assets and pay all the creditors including the cease of employees’ contracts and pay their end of services.
Cancel the computer card within the immigration department.
Cancel the company record with the labor department.
Process Tax clearance with Ministry of Finance.
Delete the enrollment of the company.