Where do I file for insolvency as an individual and for bankruptcy as a company?

Dear Questioner,

You can file a lawsuit in the civil court in your place of residence or where the company's head office is located.

Filing a lawsuit will not result in you being imprisoned, but all documents proving that you have stopped paying your debts for the period specified in the law must be submitted to the expert appointed by the court for that purpose.

Dear Questioner,

Thank you for reaching out with your questions regarding insolvency and bankruptcy under UAE law!

As an individual, you can file for insolvency under the UAE Insolvency Law (Federal Decree-Law No. 19 of 2019).

The appropriate location to file your insolvency case is at the court where you reside. This typically means the civil court in your emirate.

For companies, you would need to file for bankruptcy under the UAE Bankruptcy Law (Federal Law No. 9 of 2016).

The filing should be made at the court where the company is registered. This is generally the commercial court in the emirate where your business is located.

If you do not have any money to pay your debts, both the insolvency and bankruptcy laws in the UAE provide mechanisms to address this.

These laws focus on restructuring and settlement plans, with an aim to avoid penal measures wherever possible. However, certain conditions and requirements must be met, and each case is assessed individually.

In the case of bankruptcy, if the company or the individual can demonstrate that they have acted in good faith and have cooperated fully with the court and creditors, the likelihood of imprisonment is significantly reduced.

The primary focus is on liquidation and settlement of debts.

To discuss your specific situation in detail and provide you with tailored advice, please reach out to me via WhatsApp or phone at [---------].

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