Questions & Answers
How to claim money back from a client company if both our companies are closed?
A company owes my company around AED 80,000. We filed a case and got a favorable judgment.
We have filed for execution of judgment. However, it has been almost 2 years and we have not yet received the payment.
The other company has stopped its operations but the Owner and Manager who is Emirati are still in Dubai.
- Will I get my money if the other company has stopped operations?
They have closed their office but they have not closed their license.
- Unfortunately, I have to shut down my company. If I close the company, can I still encash a cheque received in the company's name?
Is there any way to inform the court that if money is received, I can receive it in my account instead of my company?
Hello,
As per your query, the only way to receive the money is through debt collection.
If the company is closed, it's difficult to get back the money. The cheque which is there can be executed, however, you need to check if the person is signed inside the country.
Also, you need to check the amount of the cheque, and if the signatory of the cheque is outside the country.
You must, when executing on the company, make reservations on its money, and the money of the CEO.
Or, the partners can receive the money in the event of the company’s liquidation.
But what is the situation or the type of the company legally?
