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Board Resolution For Closure Of Business for United Arab Emirates

Board Resolution For Closure Of Business Template for United Arab Emirates

A formal corporate document issued under UAE law that records the board of directors' resolution to cease business operations and initiate the company closure process. The document serves as official evidence of the board's decision and provides necessary authorizations for various closure procedures, including appointment of liquidators, settlement of liabilities, and dealings with government authorities. It must comply with UAE Federal Law No. 32 of 2021 (Commercial Companies Law) and relevant emirate-specific regulations, making it a crucial document for the legal dissolution of a company in the UAE.

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Board Resolution For Closure Of Business

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What is a Board Resolution For Closure Of Business?

A Board Resolution For Closure Of Business is a mandatory corporate document required when a company registered in the UAE decides to cease operations and close down its business. This document is essential for initiating the formal closure process with various UAE authorities, including the Department of Economic Development, Federal Tax Authority, and relevant free zone authorities (if applicable). The resolution must be drafted in accordance with UAE Federal Law No. 32 of 2021 and should include specific details about the closure decision, appointment of liquidators, handling of assets and liabilities, and authorization of representatives to undertake closure procedures. It serves as the primary evidence of the board's decision and is required for all subsequent closure-related applications and procedures with government authorities, banks, and other stakeholders.

What sections should be included in a Board Resolution For Closure Of Business?

1. Header and Company Details: Full legal name of company, commercial registration number, registered address, and date of the resolution

2. Attendance and Quorum: List of board members present, confirmation of proper notice, and verification of quorum requirements being met

3. Recitals: Background information explaining the context and reasons for the business closure

4. Resolution to Close: Formal board decision to close the business, including specific reference to relevant articles of association and UAE law

5. Appointment of Liquidator: Resolution to appoint a licensed liquidator and their scope of authority

6. Authorization of Actions: Specific authorization for designated individuals to handle closure procedures with various authorities

7. Employee Matters: Authorization for settlement of employee entitlements and termination procedures

8. Legal Requirements: Acknowledgment of compliance with UAE laws and regulations regarding business closure

9. Signature Block: Space for board members' signatures and company seal

What sections are optional to include in a Board Resolution For Closure Of Business?

1. Branch Closure Details: Required if the company has multiple branches that need to be closed

2. Free Zone Requirements: Specific provisions required by free zone authorities if the company is free zone registered

3. Assignment of Powers of Attorney: Required if specific individuals need special powers to represent the company during closure

4. Bank Account Closure: Specific instructions regarding closure of bank accounts and handling of remaining funds

5. Shareholder Notification: Required for companies with multiple shareholders to document the notification process

6. Special Assets Disposal: Required when the company has significant assets requiring specific disposal instructions

What schedules should be included in a Board Resolution For Closure Of Business?

1. Schedule 1 - Board Members Present: Detailed list of board members present with their identification details

2. Schedule 2 - Company Licenses and Registrations: List of all business licenses, registrations, and permits to be cancelled

3. Schedule 3 - Assets and Liabilities: Comprehensive list of company assets and outstanding liabilities

4. Schedule 4 - Key Contracts: List of significant contracts requiring termination or settlement

5. Appendix A - Powers of Attorney: Copies of powers of attorney issued for closure procedures

6. Appendix B - Notice to Stakeholders: Template notices to be sent to employees, customers, and suppliers

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Publisher

Ƶ

Document Type

Board Resolution

Cost

Free to use
Relevant legal definitions



































Clauses






















Relevant Industries

Retail

Manufacturing

Professional Services

Technology

Construction

Healthcare

Education

Hospitality

Financial Services

Real Estate

Trading

Logistics

Media and Entertainment

Consumer Goods

Energy

Relevant Teams

Legal

Finance

Corporate Governance

Compliance

Human Resources

Operations

Administration

Risk Management

Corporate Affairs

Board Secretariat

Relevant Roles

Chief Executive Officer

Managing Director

Board Member

Company Secretary

Legal Counsel

Chief Financial Officer

Compliance Officer

Corporate Governance Officer

Finance Director

Operations Director

Risk Manager

General Counsel

Business Development Manager

Human Resources Director

Administrative Manager

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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