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Summary of the steps to commence a CVL

4.8 The following is a summary of the steps to commence a CVL.

 

Prepare a Statement of Affairs The Directors must prepare a Statement of Affairs
Call a general meeting Members must pass a resolution for voluntary winding up
Call a meeting of creditors Directors to lay the Statement of Affairs before the creditors
Appoint a liquidator
The liquidator shall be nominated by the creditors (if they do not do so, then the Company may).
The liquidator must be an ADGM licensed insolvency practitioner.
Advertise the resolution in ADGM The Company must publish an advertisement in an English and Arabic language newspaper with a wide circulation, including ADGM and Abu Dhabi, UAE