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|