Q: I have four credit cards which I am using last 5- 6 years. My financial situation has currently changed dramatically, and I am not in a position to repay the minimum payments. Until the last month, all the payments were accurate. All four credit cards entitle to use AED 100,000. As per my knowledge, the bank will file a case against me and I would like to know what actions can I take to avoid prison. In addition, I think I need a lawyer so that he can take care of my documents and release me if they will catch me. Could you please tell me what will the next step be? How can I get a court decision in my favor and obtain a police clearance certificate after all this? Thanks.

Q: Sir, My security cheque of AED 219,000/- was bounced by the bank at Bur Dubai police station. I have not received any call or information from the police station. I took a personal loan of 150000/- I paid 139000/- balance pending is 84000/- with interest. Two days back, I have received an email as a demand notice from the bank for payment of outstanding due 84000/-. What do I have to do in this situation? I have no information from the police station also. Should I negotiate with the bank or avoid the notice? Please reply. Thanks and Regards K.

Q: I have a loan from a bank of AED 190000. It's been a year. I lost my job in the month of October 2018. Till March 2019, I was paying EMI. Starting this month, I am not in a position to pay. I went to the debt collection dept to reduce my EMI, but they're asking for an offer letter from the new company to reduce my EMI. What is ur advice on this? Note: I missed one month EMI last Dec 2017.

Q: I am G. M. T. and I am holding a personal loan with a bank. My amount to be paid is nearly 50000 dirhams and my monthly EMI is 3060. I am facing irregularities in my salary and I manage somehow to pay my bank EMI on time by end of the month. Now this month (April 2022) EMI I failed to pay by the 5th and I am asking for time till Friday before the EID holidays but the bank is threatening me that they will file a case if I won’t pay it by today. Will I go to jail if the bank files a case against me for just one EMI pending? I am worried if my family has no one there to take care of them. We are struggling with daily expenses but still, I manage to pay my bank. Please advise what to do.

The management of individual financial affairs is crucial and all the actions must be weighed down while committing to any financial liability. Whether it's job loss that may have lead to financial failure or the opposite, one must be aware of the personal liability which will not diminish by paying fines for cheque bounce cases. There are two major types of liabilities, criminal liability and civil liability. Each has its own significance, hence, must be dealt with accordingly.

An interview-format article covering the topic of the amendments to the company law in the UAE. This is from the legal podcast of lawyer Ludmila Yamalova, the founder of Lawgical with LYLAW.

This Law promulgates the Federal Penal Code (Criminal Law) of the United Arab Emirates. Crimes and chastisement punishments shall be determined in accordance with the provisions of this Law and other penal codes.

The provisions of this law, promulgating UAE Civil Code, govern the civil transactions in the United Arab Emirates. The commercial transactions remain subject to the laws and regulations applicable in their regard.

The provisions of this Decree by Law amend the Federal Law No. (18) of 1993 by replacing Clause (4) of Article (379) as well as Articles (600), (617), (641), (642), (643), (644), and adding new articles numbered (635) Bis, (641) Bis (1), (641) Bis (2), (641) Bis (3), (641) Bis (4), (643) Bis (1), (643) Bis (2), (644) Bis (1) and (644) Bis (2). The Decree-Law also repeals Articles (401), (402) and (403) of the Federal Law No. (3) of 1987.