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One of the most crucial tasks a firm must complete before closing is distributing all assets to shareholders after paying off all outstanding debts to lenders and creditors. The regulations aim to ensure that no one person gains an unfair advantage from the process and that everyone involved receives a fair and equitable portion of the proceeds.
If the company is to close its offices or revoke its licences in Dubai or any of its free economic zones, such as the Dubai Silicon Oasis (DSO), Dubai Economic Department (DED), Dubai Multi Commodities Centre (DMCC), and Dubai Airport Free Zone Authority (DAFZA). In that case, it is legally required to conduct a liquidation audit. Each of them in the company’s location would need a liquidation audit.
Other areas, such as the free zones in Abu Dhabi, Sharjah, SAIF, and HAMRIYAH, have independent regulatory bodies that monitor liquidation operations there. One might seek the assistance of a licensed auditing company’s assistance to ascertain a particular area’s precise needs.
A comprehensive examination of every financial transaction performed during a company’s liquidation process is known as a liquidation audit. It comprises verifying these transactions’ accuracy and validity. This type of audit looks at several aspects, including the expenses related to asset liquidation, the money obtained from the sale of assets, and the fair distribution of the sale proceeds.
A Liquidation Audit ensures transparency, accountability, and compliance with relevant laws and regulations during liquidation. By meticulously scrutinising the financial records and transactions, this audit provides confidence that the company’s assets are used properly to fulfil responsibilities and that the cash distribution is carried out fairly among stakeholders, creditors, and other parties involved.
Here are the documents we require to perform a liquidation audit –
The liquidation audit report for the company is prepared by Rewind Consultancy and sent to the relevant regulatory body for the company’s registration. Rewind Consultancy has a presence in Dubai. Our expert liquidators are highly regarded for providing sought-after corporate company liquidation services.
We take the lead as the best accounting and auditing firm. For provisions regarding liquidation audits in the UAE, KSA, Qatar, Bahrain, Oman, UK, and USA, get in touch with us.
Your liquidation audit is successful if, following the liquidation procedure, you obtain current information on your report and discover any indications of misfeasance or wrongful trade. A successful audit always has enough planning, handles everything, and fixes any mistakes made before.
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