Questions & Answers
The relationship between loan settlement and an LLC company liquidation
I am a shareholder in an LLC company in Dubai for which we (partners) decided to file liquidation because of the consequence of loss due to COVID 19.
I wanted to know how my personal debts will be treated then? I have one personal loan from Deem finance of outstanding 60,000/- and 3 credit cards of a total outstanding amount 85,000/-.
I have 6 missing installments of personal loan & credit card bills. I left the UAE about 7 months before but now I would like to clear my record.
I need your suggestion to settle my debts. Can I get benefit from insolvency for my personal debt?
Or what's the best way to settle the outstanding amount?
Your personal debts do not intercede with the process of liquidation.
You will clear your own debts, as for that, we suggest a zoom consultation on how we can work on it.
If you assign us a POA, we can take care of the cases without having your physical presence.
Reach us via phone or email.
Dear Questioner,
Further to your inquiry, we recommend you start negotiating with the banks to solve those problems.
If the bank complied with your suggestion, it will be fine.
If not, so you have to approach our legal services to proceed with a travel ban check and get the information related to any cases that might appear on your name. Then we can settle it.
Please feel free to contact us at our email for more discussion.
Thanks.
