UAE Civil Transactions Law

Article 633

Book Two: Nominate Contracts · Section One: Contracts of Transfer of Ownership · Chapter Five: Company Contract · Part One: General Provisions · Seventh: Liquidation and Division of the Company

1. The liquidator may not commence any new acts for the company, unless such acts are necessary for the completion of previous acts. 2. The liquidator shall carry out all liquidation acts, such as preparing an inventory of the company's assets, collecting its receivables, paying its debts, and selling its assets until they become ready for division. The liquidator may sell the company's movable or immovable property by public auction or by private sale, unless their instrument of appointment provides for a restriction on this power. 3. The liquidator, in their capacity as an agent for the partners, shall submit an account of the liquidation works, provide them with the information they request concerning the liquidation, and enable them to inspect the books, records, and documents related thereto. 4. If the liquidator is appointed by a majority of the partners, their remuneration shall be specified. If the liquidator is appointed by a judicial ruling, the appointment ruling shall determine their remuneration. In all cases, the liquidator shall have a first-ranking privilege over all the company's assets.

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