دبي, الإمارات العربية المتحدة

How to get the property handed over after long delay and bankruptcy of the developer?

The developer failed to deliver the unit as per the SPA and is currently in bankruptcy proceedings.

The completion is delayed for many years but the unit should be handed over shortly by the Trustee.

Could you please guide us on a strategy for the investors to get compensation for the delay?

We appreciate your assistance.

ناصر يوسف الخميس

ناصر يوسف الخميس للمحاماة والاستشارات القانونية

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اجتماع

10 Mar 2023, 08:07

Hi,

Depending on the jurisdiction mentioned in the SPA, you can file a case for compensation of damages - per se loss of rental income, etc.

We would be glad to discuss this further. Kindly send us an email or contact us on the phone.

Alternatively, you may send us your contact details.

Looking forward to hearing from you.

10 Mar 2023, 08:30

Thank you, Sir.

Here is the Governing Law clause: "This Agreement and the rights of the Parties hereunder shall be governed by the Laws of the United Arab Emirates and the Laws of Dubai."

Is it possible to launch a claim for compensation during bankruptcy proceedings, or do we have to wait until the judgment is issued on the bankruptcy?

10 Mar 2023, 10:01

Do you have any documents to prove that the developer has initiated bankruptcy proceedings?

10 Mar 2023, 10:13

Also, we would be glad to have a meeting at our office to discuss this further, if that works for you.

13 Mar 2023, 12:48

Yes, we have proof that the developer has initiated bankruptcy proceedings.

Assuming that the investors are entitled to compensation caused by the delay, could you please guide us on how to assess if it is worth pursuing a claim against a developer in bankruptcy proceedings?

Is it even allowed by law?

We would appreciate any deep reply on the substance before a meeting.

Thank you

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