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Bankruptcy law in the United Arab Emirates is governed by Federal Law No.9 of 2016 concerning Bankruptcy (the "Bankruptcy Law"). The purpose of the law is to provide a legal framework for individuals and businesses facing financial difficulties to restructure their debts and avoid liquidation.
Bankruptcy proceedings can be complex and involve various legal requirements. A lawyer can help you navigate the process, understand your rights and obligations, and represent your interests in court if necessary. Common situations where you may need a lawyer include filing for bankruptcy, negotiating with creditors, and defending against claims of insolvency.
Some key aspects of the Bankruptcy Law in the United Arab Emirates include the establishment of a specialized court, the Committee of Financial Restructuring, to oversee bankruptcy cases, the implementation of preventive composition procedures to facilitate debt restructuring, and the introduction of bankruptcy trustees to manage the assets of insolvent debtors.
There are two main types of bankruptcy proceedings in the United Arab Emirates: preventive composition, which allows debtors to negotiate with creditors to restructure their debts, and bankruptcy, which results in the liquidation of the debtor's assets to pay off creditors.
Yes, both individuals and businesses can file for bankruptcy under the Bankruptcy Law in the United Arab Emirates.
Consequences of bankruptcy in the United Arab Emirates may include the appointment of a bankruptcy trustee to manage the debtor's assets, the suspension of legal proceedings against the debtor, and the discharge of certain debts.
A lawyer can help you understand your rights and obligations under the Bankruptcy Law, represent your interests in court, negotiate with creditors on your behalf, and ensure that the bankruptcy process runs smoothly.
The Committee of Financial Restructuring is responsible for overseeing bankruptcy cases, approving preventive composition plans, and appointing bankruptcy trustees to manage the assets of insolvent debtors.
The duration of the bankruptcy process in the United Arab Emirates can vary depending on the complexity of the case, but it typically takes anywhere from several months to a few years to complete.
Yes, there are alternatives to filing for bankruptcy in the United Arab Emirates, such as preventive composition proceedings, debt restructuring agreements, and out-of-court settlements with creditors.
To become a bankruptcy trustee in the United Arab Emirates, a person must meet certain educational and professional requirements, have relevant experience in finance or law, and be approved by the Committee of Financial Restructuring.
Under certain circumstances, creditors may file for bankruptcy on behalf of a debtor in the United Arab Emirates if the debtor is deemed insolvent and unable to pay its debts.
You can find a qualified lawyer to help you with your bankruptcy case by contacting the local bar association, seeking recommendations from other professionals or individuals who have gone through similar situations, or researching law firms specializing in bankruptcy law.
For more information on bankruptcy in the United Arab Emirates, you can visit the Ministry of Economy's website or contact the Committee of Financial Restructuring for assistance.
If you are facing financial difficulties and considering bankruptcy in the United Arab Emirates, it is important to seek legal advice from a qualified lawyer who can guide you through the process and protect your interests. Contact a reputable law firm specializing in bankruptcy law to discuss your options and determine the best course of action for your situation.
