Summary of the steps to commence an MVL
3.10 The following is a summary of the steps to commence an MVL.
|Make a Declaration of Solvency||Signed by the Directors (or a majority of them)|
|Call a general meeting||Within 5 weeks of the Declaration of Solvency and the members must pass a resolution for winding up|
|Appoint a liquidator||At the general meeting. 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 the ADGM and Abu Dhabi, UAE|