Summary of the steps to commence a CVL
4.8 The following is a summary of the steps to commence a CVL.
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Prepare a Statement of Affairs | The Directors must prepare a Statement of Affairs |
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Call a general meeting | Members must pass a resolution for voluntary winding up |
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Call a meeting of creditors | Directors to lay the Statement of Affairs before the creditors |
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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.
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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 |