Guide for Taking Minutes of General Assembly Meeting for UAE LLC Liquidation
Minute-taking on the general assembly meeting for UAE LLC liquidation is necessary for capturing the entire essence of the meeting issues, decisions, and outcomes. In addition, retaining the minutes for LLC liquidation in UAE will be used for future reference in which minutes are imperative for compliance purposes. Without meeting minutes, the details on task assignments, appointment of the company liquidator, and all other organizational actions can become hazy. This is never good as that can put the company executives at legal risk. General assembly meeting minutes are proof of how and why a board and shareholders have come to a decision. UAE local legislation require companies in retaining minutes, even when a company decides to undergo company liquidation.
In this article, we’ll provide you with a minute-taking guide, so you know exactly how to maximize your productivity and be effective at keeping a record of the important discussions that occur in a general assembly meeting for shareholders to decide on company liquidation in UAE. Let’s start!
Before the general assembly meeting
The more you understand the goals about the general assembly meeting, the more effective the minutes that you will take. We suggest you collaborate with your meeting leader in order to make sure the agenda for the day is well-planned, designed to be productive, and easy to follow.
In UAE, the process of company liquidation is divided into two stages and each stage involves a set of organizational tasks that are necessary to be carried out smoothly to avoid delays in the company winding down.
Stage 1 involves:
- Preparation of minutes notarized by a public notary in Dubai for the general assembly meeting approving the company liquidation
- Passing of a board resolution for the appointment of the board’s chosen company liquidator
- Arranging of an official letter that is issued by the chosen registered liquidator stating acceptance of duty to assist in the company closing
- Applying for the cancellation of licenses and permits by filing the necessary forms with the Department of Economic Development UAE through the approved channels
- Processing of the liquidation certificate from the DED
- Publication of the company’s notice of liquidation (must be in two separate local newspapers)
- Providing debtors a 45-days grace period in submitting claims
As for stage 2, it involves:
- Submission of a declaration letter to the DED stating no objection from the partners and company liquidator regarding claims during the debtors’ grace period
- Collection of required approvals of government bodies in canceling other permits
- Paying fees
- Processing a certificate of cancellation or deregistration following the settlement of the requested fees
If possible, get copies of the general assembly’s agenda as this can help you develop an outline for your notes and make them structured. An outline has to leave brief explanations for every motion or action, including the exact time every action was taken. Get to know the attendees as well as this can ensure you eliminate the guesswork.
Meeting agendas provide key details which are required to be added in minutes. Details include guest speakers and the names of the meeting attendees. Supplemental materials like documents and handouts apart from the agenda are to be noted in a separate section. Make copies of documents before the meeting so you can store them for documentation purposes and also to provide information to those who were not able to be at the meeting.
Bonus tip: making use of the correct tools in recording minutes has a huge impact on your accuracy. Although you may prefer using pen and paper, you may be faster if you utilize a tablet or laptop, which can be crucial if you want to capture more detail compared to what you’re originally aiming at. Of course, you also have to consider your speed for typing. If recommended by the LLC’s legal counsel, then have a voice recorder or smartphone recording app with you. Whichever tool you choose, it is critical to secure a backup in case your first option fails.
During the general assembly
Use your template as your guide on taking minutes. Also, be clear and objective with the details of the general assembly. As a rule of thumb, the meeting minutes should include:
- General assembly date, location, and time
- Name of meeting leader
- Name of secretary
- Names of all in attendance, including guests and speakers
- Directors and shareholders who arrived late
- Decisions for every agenda item
- Each point of order
- Hour of adjournment
A key trick in successful minute-taking is adding additional notes, as well as giving clarifications on the points that are raised. make sure that you are including sufficient amount of detail in the minutes by elaborating on every single agenda item as much as you possibly can. This include any discussions and decisions that are made.
As it’s a general assembly attended by company shareholders, we recommend that you include short descriptions for each action that is taken during the meeting. Also include a rationale behind each decision for reference. It is possible that are lots of discussion that occur prior to a motion being passed. Write down all the major arguments against and for, adding as much of the dialogue of the meeting attendees as possible.
After the general assembly
Aim in writing a final version of company minutes as soon as the meeting ends as details are still very fresh in your mind. You can also ask for clarity from other meeting attendees. Do not forget that you should never summarize meeting minutes, especially for the general assembly meeting of an LLC for company liquidation in UAE.
Before you share the minutes that you have created, think of whether there’s an approval process you have to adhere to. The Chair may require you to submit the meeting minutes to him or her first and have the document approved before you’re allowed in sharing them to the request of the company board. If there’s a process of approval, then allow yourself to have some extra time for disclosing the date of minutes distribution. Some standard protocols may also be put in place for you to follow for the sharing and storage of the meeting minutes.
For more information, contact a certified public notary in Dubai like Notary Public Dubai!