A Payment Order is a judicial mechanism designed to expedite the process for creditors to recover debts. This process is commonly used for debts arising from financial transactions, unpaid invoices, or defaulted contractual obligations, ensuring a fast-track resolution for clear-cut claims. It allows creditors to secure ex-parte judgments, meaning the judgment is issued without the...
Bankruptcy and insolvency are challenging realities that carry profound implications for businesses, affecting everything from operations and leadership to market perception and legal standing. This article examines the far-reaching consequences of bankruptcy, offering insights into its impact on organizations and their leadership. This article complements our foundational article on UAE bankruptcy law. Loss of Control...
With the introduction of the New Bankruptcy Law in the UAE, businesses facing financial challenges now have a broader set of tools to avoid insolvency and liquidation. Emphasizing early intervention, the law provides mechanisms that empower companies to restructure their financial obligations and stabilize operations. This article complements our foundational article on UAE bankruptcy law...
The UAE’s New Bankruptcy Law, effective from May 1, 2024, sets out a structured approach for entities facing insolvency, providing a pathway for liquidation as a final option. This article complements our foundational article on UAE bankruptcy law by offering a clear, step-by-step guide for stakeholders to understand and navigate the liquidation process under the new...
On May 1, 2024, Federal Law Decree No. 51 of 2023 on Financial Restructuring and Bankruptcy (the “New Bankruptcy Law”) took effect, replacing Federal Decree-Law No. 9 of 2016 (the “Old Bankruptcy Law”). Although much of the structure from the previous law remains intact, the new legislation introduces significant updates, especially regarding how insolvency laws in the...
As the UAE continues to be a hub for a plethora of international businesses and trades, the risk of unpaid debts is a reality that both individuals and businesses must contend with. Understanding the debt recovery process in the UAE is essential for effectively navigating through multiple legal hurdles and ensuring financial stability. This article...
Unpaid invoices can present significant challenges for businesses in the UAE’s vibrant and diverse economy. Effective debt recovery is essential for maintaining financial stability and operational continuity. This comprehensive guide explores the essential strategies and legal mechanisms for recovering outstanding debts. It covers the process from initial communications with debtors to potential legal actions, helping...
What is debt recovery? Debt recovery is the process of collecting unpaid debts from individuals or businesses. It involves legal actions and negotiations to ensure that creditors receive the amounts owed to them by the debtors. What is the first step in recovering a debt? The first step is to send a formal legal demand...
Arrest Threat for Payment Defaulters Eased in Landmark Judgment by The Dubai Court of Cassation
