Questions & Answers
Questions & Answers
3 available 3 • View allThe new insolvency law regarding loans of natural persons
Q: Hello,
About the new insolvency law for a natural person, does this also include Small & Medium Enterprise (SME) owners?
I am specifically asking about those businessmen who have business loans from banks and unable to service the loan, where the banks file a criminal case against the owner known as bounced cheque case.
Are these businessmen also covered under the insolvency law, so that they get a chance to sort out their debts?
Jan 2, 2020
1620
How can I file for insolvency and what are the consequences?
Q: I would like to file for insolvency. I need to understand how this will work.
I know insolvency means going bankrupt which means the individual truly has no money, but there is still a cost associated with the insolvency process.
I would therefore appreciate replies to the following questions:
1- What is the insolvency process?
2- How long does it take to complete the insolvency case?
3- Finally approximately how much it will cost in total (lawyer + court fees).
Nov 14, 2022
313
Procedures of insolvency as per the new Insolvency Law of Natural Persons
Q: The UAE cabinet approved a new law - The Insolvency Law of Natural Persons.
Please advise how to file the insolvency case before the court and the documents required for filing the case.
Jan 23, 2020
818
Legal blog
2 available 2 • View allBankruptcy Law and Personal Insolvency Law
This article will briefly explain about the Personal Insolvency Law of 2019 and Bankruptcy Law of 2016 in the UAE. Previously, there was only the Bankruptcy Law that was available for the commercial companies, merchants, traders, and similar persons who were suffering from the financial crisis but now individuals have such options available as well especially considering the effects of COVID-19. Both laws were issued to assist distressed persons and entities by offering them settlement options.
Oct 1, 2020
4987
Filing for Bankruptcy and Insolvency in the UAE: What You Need to Know
Dealing with financial difficulties can be overwhelming, but the UAE provides a comprehensive legal framework to manage bankruptcy and insolvency in a way that benefits both debtors and creditors. Understanding these laws and how they work can make a huge difference in navigating the process successfully.
Nov 12, 2024
402
Laws & Regulations
2 available 2 • View allFederal Law No. (18) of 1993 Issuing the Commercial Transactions Law
This Law applies to merchants, as well as to all acts of commerce carried out in the UAE by any person even though he be not a trader. Commercial matters regarding which specific Federal laws are issued shall be subject to the provisions of such laws, and to the provisions hereof which do not contradict with said laws.
Sep 7, 1993
33087
Federal Law No. (5) of 1985 On the Civil Transactions Law of the United Arab Emirates
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.
Dec 15, 1985
148588
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How can I modify the custody agreement and enforce my parental rights?
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