Q: What happens if you are not able to pay any money even after the judgement/execution of a civil case? If there are no assets that can be claimed? There were a genuine business loss and no money to settle with the bank/court. Please advise

Q: My FZ company has lost its major clients and is no longer able to trade. It has one creditor with an outstanding balance of AED 120,000. What are my options to close the company down and what are my liabilities regarding the debt?

Q: Hi. Kindly advise regarding: (1) Closing a professional civil company (management consultancy) in Dubai with 4 partners + 1 local agent. There are 4 partners (all family members) who are out of the UAE. 2 partners have investor visas & 2 have partner visas. 3 visas have expired during July-Sept 18 and 1 Investor visa expiring 17/11 as being out of the country for 6 months+. Online at www.gdrfa.ae on logging in, the 3 expired visas are showing 'Inactive'. Does it mean visas are automatically cancelled & they can come on visit OR visas have to be physically cancelled at the immigration dept? The company has no assets/liability. We want to close the company. The company's labour est card is already cancelled. (2) Effect of a partner's personal credit cards' liability on the company as a he is a partner. In the above company, 2 partners have credit card dues. Is there an impact on 2 aged partners coming back to the UAE if the banks file cases & secure order on attaching the defaulting partners share in above company? (There is no business/assets). Can the 2 partners be harassed in UAE?

س: السلام عليكم، كسبت قضية تجارية بسيطة في أبوظبي ضد شركة شحن لم تقم بالشحن أو تسليمي شحنتي. فتحت أمر تنفيذ منذ أكثر من 7 أشهر و إلى الآن لم أستلم المبلغ المستحق لي في الحكم. علمًا بأن الشركة تحت التصفية. كيف أحصل على حقوقي؟ شكرًا جزيلاً!

The UAE continues to strive to modernize its laws and create more flexibility in meeting the needs and requirements of investors and businessmen and elevate its economy to the highest levels of growth and development.

The UAE has taken a bold step toward legislating the mortgage of movable assets after it was completely regulated by the Civil Code. The Federal Law No. 20 of 2016 Concerning the Mortgage of Moveable Assets, which came into effect 90 days after it was published in the Official Gazette on December 15, 2016, was a welcomed change by lenders after it gave them the ability to secure their debts with movable assets.

With the introduction of the new procedures for obtaining a power of attorney (POA) remotely in the UAE, after it was mandatory to appear in person in front of the notary public as a global rule to ensure the identity and intention of the person requesting a POA, we put between your hands this brief guide for how you get it done.

Dealing with financial difficulties can be overwhelming, but the UAE provides a comprehensive legal framework to manage bankruptcy and insolvency in a way that benefits both debtors and creditors. Understanding these laws and how they work can make a huge difference in navigating the process successfully.

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.

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.

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.