The Dubai Commercial Court has ordered the liquidation of a company operating in the building materials trade, appointing a legal administrator to oversee the process and inventory assets, settle liabilities, and distribute any remaining funds or movable assets to creditors.
The decision came after a creditor filed a claim of Dhs3.7 million against the company, an amount 12 times its capital of Dhs300,000.
The case details reveal that the creditor sued the company, demanding its dissolution and liquidation.
The creditor argued that the company’s losses exceeded its capital, it had completely ceased operations, lacked assets to fulfill obligations to creditors, had no registered…
