Questions & Answers
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
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.
