59A7D41EB44EABC4F2C2B68D88211BF4 U.A.E Visa Rules and Procedures-Law updates -free legal advice: UAE Insolvancy Law now in effect

Thursday, January 2, 2020

UAE Insolvancy Law now in effect

                                                                                                                                                            Image provide by WAM
Under the new Insolvency law, people won’t be jailed for a bounced cheque, instead, a debtor can now approach a civil court in the emirate they reside in and invoke their insolvency status.

Once the court declared insolvent, the civil court will appoint financial experts to come up with a long-term payment plan with the debtor and creditor. Payments can be done through direct payments to the creditor or by assets owned.

When the payment plan in place, debtors will not face any legal prosecution during that period, and will also have the criminal case against them wiped out once all payments have been completed so they won’t have any criminal record against them

12 comments:

Lukas Brown said...

Great Post!!
Thanks for the information. Such a useful information you have posted here.
A Power of attorney UAE and Escrow agent Dubai works with other professionals to complete the job as and when required. To find a right professional for needs, you can consult to a law firm.

Unknown said...

Professional cleaning services provides many benefits to your business. Are you wondering for professional, trustworthy and affordable Cleaning Company Dubai for your office and want to make an investment, read on! Adding professional cleaning services to your weekly, bi-weekly or monthly plan can bring a lot of benefits to the workplace and upgrading the one you currently have.
Housekeeping Services

Bus Rental Company in Dubai said...

We provide transportation services all over UAE with/ without driver. We have latest model HiAce’s, high roof buses, coasters, Rosa busses. We also provide car rental service. Latest model corolla, Camry, Yaris, Prado, and many other brands available for rental purpose.... For Query call +9715298383673
Mini Bus Rental services in Dubai
Employee Transport Services in Dubai
PICK AND AROP SERVICES IN DUBAI
PASSENGER TRANSPORT SERVICE IN DUBAI

Travel Agencies in Dubai said...

Thanks for sharing information to our knowledge, it helps me plenty keep sharing…

7 Days Dubai Visa
30 Days Dubai Visa
90 Days Dubai Visa

Anonymous said...

Thank you so much for such an amazing blog.
study loan usa

sharon pinto said...

Thank you so much for such an amazing blog.thailand visa on arrival for indians

Katherine2031 said...

It was great to read your blog.
Singapore Visa Online

AL NUMIR PHONE TRADING said...

NICE POST

DU VIP Number

DU VIP Number

DU Fancy Number

DU Fancy Number

Etisalat VIP number in uae

Etisalat VIP number in uae

Etisalat vVIP number in uae

Etisalat vVIP number in uae

Etisalat golden number in uae

Etisalat golden number in uae

Clay said...

It was great to read your blog.
Thailand Visa Online

lenovo laptop service center in sharjah said...

Nice blog!
Are you searching for a service center in Dubai for your Macbook?? Scorpionfix is here, one of the best apple service center in dubai.
Macbook repair Dubai
laptop screen replacement service in Al Mouj
laptop service center Al Hail North
surface pro repair Dubai
surface pro repair Sharjah
Macbook repair Dubai
Macbook service center Dubai
Macbook service center sharjah
laptop repair Al Hail North
Macbook repair Muscat
Macbook repair Oman
Apple service center Muscat
Apple service center Oman

sruthy babu said...

Nice blog!
Are you searching for a service center in Dubai for your Macbook?? Scorpionfix is here, one of the best apple service center in dubai.
Macbook repair Dubai
laptop screen replacement service in Al Mouj
laptop service center Al Hail North
surface pro repair Dubai
surface pro repair Sharjah
Macbook repair Dubai
Macbook service center Dubai
Macbook service center sharjah
laptop repair Al Hail North
Macbook repair Muscat
Macbook repair Oman
Apple service center Muscat
Apple service center Oman

Aerolam said...

Aerolam offers premium bubble insulation, ensuring outstanding thermal protection and energy efficiency, ideal for both residential and commercial applications.