Questions & Answers
Questions & Answers
5 available 5 • View allThe liability of a partner for loans after leaving the company




0
Q: Hi,
I am a 50% partner in a company and now I am going to leave it. I removed my name from the license and the memorandum of agreement. The company has a previous loan from the bank.
After leaving the company, am I still liable for the bank loans?
Or shall I obtain an undertaking letter from my partner and our local sponsor?





Mar 9, 2020
2661
Liability of company partners against the actions of a partner


0
Q: Can I be held financially/legally liable for any actions of my ex-partner after exiting the business by share transfer?



May 14, 2019
1210
Holding company partners liable for their part of its debts
1
Q: Hi Mr Younis,
I require help to sort out my father's legal issues pertaining to a company he had.
There are dues with a bank in the UAE and his partner who was also a signatory on the cheques has managed to remove his cases and has left my father to deal with the liabilities albeit he was the one who misused the company funds.
I have two questions:
1) How can someone who was a partner of a company absolve themselves of al legal recourse albeit their signature is on all bounced cheques?
2) Would your law firm be able to help with getting the cases resolved and getting my father's business partner take the responsibility for his share of the liabilities?
Thank you

Aug 13, 2018
945
How to clear liability after leaving a mainland company?
1
Q: I was a partner in a mainland company. During my tenure, I had given a personal guarantee for a bank loan for a mainland LLC company.
I have exited the company. The company is in poor financial condition. I wanted to know if the personal guarantee will/can be enforced if the company fails to pay the bank debt.
Can my personal assets in the UAE and INDIA be called upon?

Dec 15, 2020
315
How to remove fines on a phone card taken on my name?
3
Q: Someone acquired a fine on my ID after failing to pay the credit on time.
Is there any way I can ask for a deduction of the fine and pay it?
Because it wasn't me directly using the Etisalat sim card.

May 10, 2022
533
Laws & Regulations
2 available 2 • View allFederal Law No. (2) of 2015 On Commercial Companies 15
The provisions of this Law apply to the commercial companies established in the UAE and the foreign companies that have established in the UAE a base to conduct any activity therein or established a branch or representative office. The Law abrogates Federal Law No. (8) of 1984 Concerning Commercial Companies.
Mar 25, 2015
29529
Federal Law No. (18) of 1993 Issuing the Commercial Transactions Law 19
This Law applies to merchants, as well as to all acts of commerce carried out in the UAE by any person even though he be not a trader. Commercial matters regarding which specific Federal laws are issued shall be subject to the provisions of such laws, and to the provisions hereof which do not contradict with said laws.
Sep 7, 1993
33008

Premium
Other answers by
177 177 answers •
View allHow to liquidate a free zone company after the death of one partner 0
I am a company owner In Shams free zone of 50 per cent share and have a partner visa. My partner was a Russian who went to Russia and died.
When I went to the free zone to cancel my visa and close the company, they have asked me to get his attested death certificate and NOC from his heirs.
The problem I am facing is his family doesn’t want to give the death certificate nor they want to give NOC. Now my resident visa validity is over and I am on fine every day.
Neither the free zone is cooperating nor the partner's family. What is the other way I can cancel my visa and close the company?
Can someone guide me, please?
Apr 19, 2021
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How the objection of a client be dealt with after being notified for termination by DLD? 0
I have been notified by DLD that I am in breach of an off-plan sales agreement, and the developer wishes to terminate the agreement.
The date on the notice is March 9, 2021, and I received it from the developer on March 11, 2021. The notice says I have 30 days "from the date of being notified" to make the outstanding payment.
On the termination notice from DLD, a list of objections is present. One of the objections states that the developer must hand over the final SPA to me.
In this case, I have not received the final SPA from the developer. I made an objection in writing to the DLD pointing this fact out and sent it via email, and received a confirmation of the same from DLD by return e-mail on April 6, 2021.
30 days from March 9th is April 8th, or from March 11th is April 10th. Does the developer have to respond to my objection before the DLD will allow them to terminate the agreement?
In this case, will the time I have to make the payment be extended by any period?
Apr 19, 2021
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Opening a trustee with wife and signing a postnuptial agreement 0
I would like to open a trustee with my wife and sign a postnuptial agreement.
Apr 19, 2021
448
Closing a business while the local service agent is not reachable 0
Hi,
We have a professional services license (2 partners) + 1 local service agent registered with DED, Dubai.
The partners wish to close the business because of unavoidable circumstances. We wish to proceed with all the necessary paperwork for cancellation.
Unfortunately, the local service agent is not available. We have been trying to connect to him multiple times but have not been able to reach him.
The due date for the renewal of the company is coming up and we want to proceed with all the paperwork for cancellation prior to that.
Kindly advise us about the options if the local service agent is unavailable.
Apr 19, 2021
799
Returning to the UAE to run business after being convicted with a crime 0
Hi,
I want some information regarding my uncle. He was arrested in November 2015 and was in prison until 13 June 2016 when he was deported to Pakistan.
The reason for the arrest was that my uncle had his own business in Sharjah and he was involved in a case where his employee accused him of attacking him and other allegations. He was arrested and convicted.
He needs to reenter the country as he has his business in Sharjah but I believe he is blacklisted/banned. How can I find out if he is blacklisted/banned and how can it be removed to allow my uncle to reenter the country and take over his business?
Is there any way of helping to resolve this issue?
I know that if he enters on a visa, he could be arrested at the airport, and don’t want that to happen.
Thank you!
Apr 5, 2021
498
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