Q: Hello! My name is Denis. Can you help with debt issue? There is a company in India. I have bonds $200K stake and $59K unpaid interest. In 2016 may, the company had defaulted on coupon payment. I was reaching the Trustee for this issue, and they told me that I need to have a minimum of 25% of this issue to make any legal action. So, they suggested me to join the group of bondholders, and now, I joined the group to negotiate the debt restructuring. The company hired an advisor. In February 2018, the company and group of bondholders signed RSA agreement and approved restructuring plan. But in April 2018, this RSA was terminated because the company fouled this agreement and did not transfer money (approx. $20 mill) to escrow account till 20 April. Today is total silence. In prospectus the company have a branch in the UAE, is it may be possible to somehow collect the debt? Thank you for your help.

Q: I have been given some investments in a few companies with a contract on a fixed agreed profit. Now, they default on the agreed profit and even delayed paying back of capital. What procedure do we have to follow to recover our investments?

Q: We (12 persons) have invested in a Japanese restaurant (AED 100,000), each with 3 years contract. After 2 years, the owner failed to pay the shop rent for the past 6 months and the landlord had closed the shop. The owner signed a waiver to the landlord that he no longer has a claim on that shop, meaning to say, he already hands over the full restaurant to the landlord. The landlord already sold the shop to another person. 3 of the investors already have bounced cheques while mine will expire in Oct 2018, and others as well. Question 1. What is the procedure for filing a case against the previous owner since he breached our contracts? Question 2. My cheque is still not due, can I file a case against him? Question 3, Do we need to get a lawyer with regards to our case? Best regards, Lea

Q: I am from India. We had a company registered in the UAE and we were willing to discontinue it. So we paid some amount to a local person in Dubai in order to complete all formalities of closure. There was not any formal agreement, but there was an email communication to complete it. But in spite of the passage of one & half years, he has neither closed my company nor paid me back that amount. Now, he is not responding to me on email. Please advise me about my options.

Q: I have invested in a company for lucrative profit returns in 6 months documented in Dubai courts agreement plus a contract from the company. The company contract has weekly profit for an amount of 6 months. I have 4 contracts that end each in 6 months. The 1st contract ended in June, 2nd will end in July, 3rd in Aug, and 4th in Sep 2021. I did receive weekly profits delayed by ±4 days into my account, however, since the 3rd week of April, I have stopped receiving the profit from the company and CEO in charge of the deal. I have tried to communicate with the company and the CEO but all I get is a message saying 'you will receive the amount his week'. No amount received and I have a substantial backlog. Due to this improper communication and dealing, I would like to know the course I should take to recover my investments. Appreciate the advice to move forward.

Q: I invested money in a trading company and the CEO has refused to pay me back with interest for 3 months now and my investment contracts end today. Please, what can I do? I can go to the police station to file a complaint. I need your legal advice, please.

Q: I invested in a company a year ago with the agreement to share proceeds at the end of every 6 months. Now it is exactly 1 year after this agreement and I have nothing. What is the best legal action I can take at the moment to recover my investments?

Q: I invested a total of 35,000 Dhs in a company last July which promised to return my money in double amount after 3 months. October came but the company did not give me back my money + the promised gain. Instead, I was asked to reset my investment and wait again for another 6 months. Their reason is that the mother company closed so they had to rename the company and start all over again. They let me sign a contract but did not want to give me a copy. Is it necessary for me to get a copy of the contract? How can I compel them to give me a copy? Is the contract already legally binding once I signed but not signed by them? Is it possible for me to withdraw my investment now because I do not want to wait for another 6 months?

Q: We have invested more than AED 100k in an investment company where they have promised high interest after a few months. Unfortunately, it’s been more than 6 months that we haven’t gotten any interest on the money we have invested. The company is saying that they need more time due to financial challenges. A lot of investors in the same company are affected. I appreciate your support and legal advice. We just want to have our hard-earned money to be returned.

The provisions of this law, promulgating UAE Civil Code, govern the civil transactions in the United Arab Emirates. The commercial transactions remain subject to the laws and regulations applicable in their regard.

The law promulgates UAE Civil Procedures Code (Civil Procedure Law) which governs civil procedures in the United Arab Emirates, including the prosecution before the courts, litigation and execution.