Questions & Answers
Using the new insolvency law to enter the UAE while there is an unpaid loan
Dear sir/madam,
I have a loan with a bank in the UAE. When I left, my gratuity was used as payment but I still owe some money. I tried to pay since going back to my home country but it has been financially hard.
Recently, the bank filed a court case. They sent me the documents. I have every intention of paying but I can't right now and I have decided that the only way to pay is to just come back to the UAE.
My question is:
Can I use the new insolvency law to get into the country if I am offered a job in the UAE?
Dear questioner,
The insolvency law has conditions, the most important of which is to be a merchant and the debt exceeded ten million dirhams.
You can hire a lawyer from the UAE to negotiate with the bank and reschedule the loan and installments and address the bank with the current job offer to take advantage of the three-month grace period to modify your status within the UAE again.
