Questions & Answers
Claiming back money paid for investment after breaching obligations
Before 2 years, I gave a loan to the owner of an advertising company. He was getting an order of advertising on a 2-3 month credit basis.
However, he did not have the cash amount to pay the suppliers; hence, I gave him a loan against a share of transaction profit.
Against my cash cheque, he was giving me 2-3 month post-dated cheque for the amount value of cash paid + the profit.
Things went well until the very last cheque bounced with an amount value of AED 80,000.
Further, I gave the same owner but under a different company (gym business) AED 100,000 to purchase new gym equipment.
He gives me rent of 3K per month until 6 months and after that, he pays me 114K to own the gym equipment. Only 2 x 3K cheque cleared but the rest bounced.
Now, I'm left with 80K cheque from the advertising company, 3 x 3K from the gym company, 100K from the gym company, 14K from the gym company.
Can I legally proceed and successfully get my money back? What are the procedures and how much will it cost?
Thanks
Hello.
First of all, it is illegal to give a loan on interest by an individual to another individual or a corporate.
Whether you can proceed with legal action and within what limits, depends on the documents you have signed.
You may send us an email for a detailed consultation or call us.
Hello,
In order to demand a refund of your money, we need to determine what documents were signed. Once we review the documents, we can draft a legal notice addressed to the owner of the company.
The notice will be drafted, based on the supporting documents you will provide, and through it, we will demand repayment of the amount that is owed to you.
Should you wish to discuss this option further, please email us.
