Court orders liquidation of Real Estate firm in Dubai
The court also decided to appoint a liquidation expert to oversee the inventory of assets, determine rights and obligations, and sell the company's properties at a public auction.
He will also notify creditors, settle debts, and will distribute the remaining funds to partners according to their shares. Additionally, he will have to publicly announce the liquidation ruling.
The details of the case date back to an earlier time when an Asian investor filed a lawsuit demanding the liquidation of the company and obligating his partner (the manager) to pay compensation of Dhs1,184,000 for the material and moral damages he incurred due to intentional mismanagement.
According to the lawsuit, the agreement between the parties stipulated that the appellee would manage the company independently, which was documented in the company's founding contract and commercial license.
However, since September 2023, the manager has refused to attend the company's headquarters or oversee its operations, neglecting his managerial duties.
The plaintiff allegedly attempted to maintain the company's continuity and operation despite the manager's absence, but the latter sent messages to the company's employees and contracting companies, announcing his cessation of work and warning against using his electronic signature, threatening legal action against anyone who did so.
The lawsuit also mentioned that the appellee refused to sign any documents or contracts, ignoring correspondence and requests directed to him, resulting in a complete paralysis of the company's operations, significant losses, and the accumulation of debts, part of which the plaintiff had to pay.
Dr Alaa Nasr, the legal representative of the plaintiff, explained that the appellee failed to prepare the annual budget or profit and loss reports and did not submit any financial reports to the General Assembly for approval.
The accounting expert's report also affirmed that the appellee did not fulfill his managerial duties, leading to the company's distress and harm.
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