For asset protection your LLC should be controlled by a foreign (Nevis) managing director. As an LLC member you no longer directly own the contributed assets. Your creditor cannot seize your membership interest. If you own a minority interest, and if withholding distributions would conflict with the interests of the other debtor-members, you can title your LLC interest to another self-owned Nevis LLC.
You contribute your assets to the LLC and become the LLC member. This transfer of control protects the LLC assets from U. Nor can your creditor vote or exercise your other membership rights, such as the right to inspect books and records. This would then safely receive your distributed profits.
The Nevis LLC demonstrates this tiny jurisdiction's innovation for wealth protection. The Nevis LLC uniquely combines the most protective features of the international trust, limited partnership, and Nevada corporation into one remarkably protective entity. court cannot order you, as the LLC member, to repatriate the LLC assets because the manager, not you, controls the LLC assets. Your creditor would be limited to a charging order against your LLC interest. If you are a debtor-member who owns a substantial interest in the Nevis LLC.
A Nevis LLC can be either member-directed or managed by a foreign director. Moreover, a foreign managing director would be beyond U. This would give your creditor only the right to claim profits or liquidation distributions due you from the LLC. Your managing director would withhold profit distribution that could be seized by your charging order creditor.
The liquidation of company in Dubai, UAE can be either compulsory (sometimes noted as a creditors’ liquidation) or voluntary (sometimes noted as a shareholders’ liquidation, though some voluntary liquidations are controlled by the creditors).
Business Link undertakes the task of closing of your business in Dubai and UAE.
Collins English Dictionary - Complete & Unabridged 2012 Digital Edition © William Collins Sons & Co.
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