Liquidating a Company in Qatar
Marty could very well see the writing on the wall for his web designing agency operating in Qatar. After a conscientious and long meeting with the key decision-makers, he was able to convince all of them, including the most prominent shareholders, to agree upon that the company could go on no more.
It was mainly due to a number of factors, he concluded, and his experiences in the country were to ask a PRO Services company in Qatar. His associates running the company decided that this was the right choice to make, and Bethel Business and Management Services was chosen because they had helped Marty set up shop in the country in the first place. He reflected that he had as good a start as any, and the failure to capitalize mainly rested with the activities that led to the situation at hand.
BBMS, as a result, was named Liquidator when Marty and all his associates went to the General Assembly Resolution to report their intent of liquidation. In that very meeting, BBMS produced the Articles of Association in its full details, which among all the other aspects, pledged to follow Law No. 5 of the amended Commercial Companies Law.
As per the directives of the General Assembly Reunion, BBMS issued a letter in Arabic discussing all that was important about the scenario, as well as tax clearance from the Income Tax Department since many of the creditors of Marty’s company hailed from different fields and countries. This was all done to ensure that the winding down process was kick-started correctly.
After BBMS had lodged the General Assembly Resolution with the Commercial Registry, Marty’s company officially came ‘into liquidation’, and all the debts now actually became ‘due’ to be resolved in an appropriate fashion. By this time, Marty was away from Qatar, but BBMS continued to give him updates of all the information that were key steps of the entire process.
From this point onward, BBMS’s activities actually became centered on the process, and regular updates to Marty were more frequent than he expected. The first step that the official Liquidator had was informing all about the liquidation according to what the law demanded. This was done by the issuing of official letters with proof of address, as well as the publication of necessary information in two Arabic newspapers. BBMS repeated this after a month, and the creditors were informed that they had 75 days in which they could prove their claims with Marty’s company. Marty was informed regarding the contents of the notice to creditors, as well as the ads in the newspaper, alongside all other information before they were even published.
BBMS’s PRO Services in Qatar also included recovering all of the company’s rights and assets as authorized by the law. They also planned with Marty how exactly they were going to settle all the company’s debts. They informed him that the entire valuation of the rights and assets could recuperate the amount handsomely, and a lot would remain to clear all due payments for Marty’s employees in Qatar.
Of course, they also informed the outstanding costs for the services they had provided first would be deducted, and they exactly arranged the hierarchy in which the restitution's were made. The full financial information was sent to Marty and all his shareholders. The report also contained information that no assets and rights were left standing to be preserved, and this evidence was brought forth by an extended and uniform balance sheet.
After all this was completed, BBMS presented the final sheet of information detailing any or all information about the liquidation process. It was first approved by the General Assembly and then presented to Marty and all his shareholders. Albeit carrying a sense of disappointment with all that had happened with his company, Marty was relieved in getting the Final Report, indicating that all things got wrapped up so smoothly.
Even though we pray that it may never happen to you, if you need to liquidate your entity and require assistance with it, BBMS provides you the very best PRO Services in Qatar. For a tension-free consultation, please reach out to info@bbms.qa or call them at +974 40 120 333.
