Questions & Answers
Filing for insolvency of a company during COVID-19 situation
My friend's firm is in a Free Zone since years.
It was fine before, but in the past 15 months, due to Covid19, sales slowed down, many retail clients shut down or are not paying.
They are unable able to pay 2 business loans for two months; few creditors, work credit cards - all the total over 600k AED. The loans mature in 2023.
Can you/your firm please help them to file for insolvency or bankruptcy or a combination and close their company?
We read that a lot of Federal bankruptcy and insolvency laws with provisions for Covid19 were passed to help SMBs last year.
We can take many procedures in this regard.
In terms of options, we may present options to you in order to choose from them which is most suitable for you, starting with making serious settlements with these banks or making a case appropriate to your circumstances, so please contact us via phone.
