Questions & Answers
How to cancel the license of a debted company and renew the visa of the managing partner?
My dad was a manager of a trade license that has expired and has 2 legal financial claims on the company trade license. There is a rental case for an apartment for AED 75,000 and warehouse unpaid dues for AED 95,000.
The verdicts issued in both cases asked for eviction and financial claims. The eviction part was honoured by my dad but not the financial claim. My dad's business is not making any money and is unable to pay any of these claims.
Also, since the trade license has expired, I have come to know that his visa has expired and he is on overstay. I want to help solve this, but I do not know where to start.
Should he declare insolvency?
Can I be able to sponsor my dad after clearing my visa dues?
Is there a possibility to reduce the financial claims due to lack of money in the business or personal assets?
As per my dad's trade license, his part of the shares is 49%.
Please assist on how to proceed.
Dear Client,
Thanks for your question, I hope you are doing well. I will definitely assist you in this matter.
Your dad should consult with us to negotiate with creditors, potentially declare insolvency if the business can't meet its debts, and resolve his visa overstay.
Once his legal issues are addressed, you may be able to sponsor him if you meet the requirements. It's important to assess assets and liabilities to determine the best course of action.
For any further legal assistance, you can WhatsApp us. We have an extensive team of knowledgeable and experienced lawyers to provide the legal assistance you need.
We will definitely be happy to help you.
Thanks & Regards
ABDUL WAHIED
Option no. 1- Negotiate with your creditors and try to reach an agreement to reduce the amount of the debt, or to spread out the payments over a longer period of time.
Option no. 2- File for bankruptcy. Bankruptcy is a serious step, and it should only be considered as a last resort. or try to sell your company properties, assets, etc.
Under UAE law, it is possible to declare insolvency in certain circumstances. However, the process is complex and requires the assistance of a qualified lawyer.
It is also possible to negotiate with creditors to reduce the financial claims due to lack of money in the business or personal assets.
In terms of sponsoring your father, it is possible to do so after clearing his visa dues. However, it is important to note that the process may be complicated and it is best to seek the assistance of a qualified lawyer.
You can reach us on the phone for more information.
