Questions & Answers

Ask a lawyer
All cities, UAE

What is the limitation period that a bank has to claim bank loan default by a company?

What is the limitation period that a bank has to claim bank loan default by a company?

A company loaned money from the bank and defaulted in the payment of return.

How long does a bank have to claim the amount in the UAE?

In the civil code, it's 15 years and in the commercial code, it's 10 years.

What would apply on behalf of the bank?

Kindly revert.

Thank you

Premium
Laila Hamza Al Mulla Advocates and Legal Consultants
Chat Hire
Meet
9 Nov 2022, 13:54

In the event that you are a UAE resident and you take out a loan, then you travel to your country of origin and never return to the UAE, you will be sued by the bank.

If you signed cheques, the case of cheques will be filed on the defaulter on payment, and we wait until a verdict is issued in the lawsuit.

And if the accused does not show up, he is notified once, and then he gets a verdict in absentia that may reach 3-4 months depending on the case.

9 Nov 2022, 13:54

The judgment in this lawsuit shall be extinguished if it is not executed within 3 years, the case shall be dropped by progression, and the personal loan may be extinguished but in the case of full repayment.

9 Nov 2022, 13:56

We hope that this is the answer to the question you are looking forward to.

If your inquiry is different please come back to us to get the answer that will benefit you.

We wish you a lot of luck.

Fixed-fee services
3 3 available services •  View all
Get quotes from lawyers
Find the right lawyer for your legal needs. Submit your request and get multiple competitive offers from qualified lawyers.
Looking for something else?
Ask for advice from a lawyer
It’s free and anonymous
No registration needed
Ask a lawyer