DIFC
Compulsory Liquidations and appointment of Provisional Liquidator
Winding up of insolvent companies via a court order.
What does this entail?
We guide directors and their professional advisers, as well as creditors, through compulsory liquidation procedures and if applicable, the appointment of a Provisional Liquidator.
This is a formal, court-driven process in which a company is wound up by the court, following the filing of a winding up petition, usually presented by a creditor. Once the order is made, control of the company passes from its directors to a liquidator (with the exception of certain residual powers that they may retain), who is appointed to administer the company’s winding up.
The liquidator’s role includes identifying and placing the company’s assets under their control, investigating the conduct of the directors (where necessary), achieving
the best possible price from the disposal of the assets and distributing realisations to the creditors in accordance with statutory priorities.
Get in Touch
Chris Iacovides
Chief Executive Officer
Andri Antoniou
Director - Licensed Insolvency Practitioner
Marios Kofteros
Director - Licensed Insolvency Practitioner
When is it appropriate?
Applying to wind up a company may be the preferred option following prolonged non-payment of debts or failed negotiations. It may also be necessary where voluntary restructuring fails and the company is insolvent or where there is a deadlock.
In some cases, compulsory liquidation is pursued where bringing an insolvent company within the sphere of control of the court is deemed necessary in order to protect creditors’ interests or enable formal investigation into the company’s affairs.
Early professional advice remains important, even once proceedings have commenced, as directors may still have options to manage risk and obligations.
How we can help
We can act as liquidators, manage asset realisation, investigate company affairs and generally deal with the administration of the liquidation.
Next steps
Contact us for professional guidance and assistance if you are seeking advice on debt recovery and insolvency procedures.
Key Benefits
A court led transparent winding-up process
- Court supervised process
- Investigation of company's affairs and directors' conduct
- Officer of the court status of liquidators assists cross border recognition
- Regular reporting
Experienced, Trusted Advisers
Our services are delivered by experienced, qualified professionals who follow a structured and transparent process, from initial assessment through to implementation. We combine technical expertise with a practical approach to ensure each engagement is managed professionally and focused on achieving appropriate outcomes for all stakeholders.