إن الثقة والإئتمان هي أساس التعامل التجاري في معظم المعاملات بين التجار لأنه يتم في معظم الأحوال أن يقوم التجار فيما بينهم بالتعامل الآجل اي أن يتم توريد البضاعة أو الخدمة وبعد ذلك يتم تحصيل الثمن أو الأجر بعد فترة أو على أقساط ، وإذا استمر التاجر في سداد التزاماته وديونه في مواعيدها فلا يمكن لأحد أن يسبب له اي مشكلة ، أما إذا توقف أوتعثر في سداد تلك الديون فيضطرب مركزه المالي ويهتز ائتمانه وقد يلجأ إلى وسائل أو إجراءات لتهريب أمواله من التنفيذ عليها أو يجامل بعض الدائنين على حساب البعض الآخر وهنا قد يتضرر الدائنين كلهم أو بعضهم حيث قد يمكن لأحدهم أن يحصل على
UPDATED 3 AUGUST 2020
Updates marked with *
Updated: Ireland, Israel
We take a look at some of the recent emergency legislation and measures implemented by various nations around the world in response to COVID-19. As this is a rapidly developing crisis, please ensure you keep a close eye on the Lexology Coronavirus hub page for the most up-to-date information.
The ADGM was established in Abu Dhabi in 2013. However, the ADGM has only recently (on 15 June 2015) published its first set of commercial rules and regulations for non-financial services (the Regulations) relating to companies, insolvency, employment and real property and strata title. It is also expected to publish regulations for financial services later this year. ADGM’s intentions are clear.
As a director or manager of a UAE company, you will know that like individuals, companies experience times of good health and occasional periods of sickness.
In this note, we focus on you, as directors (which includes managers) of “onshore” limited liability companies (“LLCs”), noting of course that the rules may also apply to certain free zone entities as well. We want you as directors to be certain of your duties and responsibilities in the good times but also sure of the actions you should or could take if things go wrong for your company, and financial difficulties arise.
Global FDSI Briefing
Welcome to our latest quarterly briefing on legal developments across our global network. I hope you find the articles insightful and thought provoking. Highlights this quarter include recent developments in Italian derivatives case law, an overview of the amendments made to Spain’s insolvency regulation and the UK’s FCA issuing first warning notices against individuals.
If you have any questions or would like further information please do not hesitate to contact me, or one of our global key contacts.
[Matthew Allen]
Matthew Allen
On 17th January, 2020, the Republic of India (India) made a remarkable move with the issuance of a Gazette notification which notified the inclusion of the United Arab Emirates (UAE) as a “reciprocating territory” for the enforcement of judgments (Reciprocating Territory Notification). This alert expands on the features of this new development and the potential benefit for individuals, companies (including financial institutions) in the UAE that have default debtors located in India or with assets in India.
In March of 2019, an Emirati limited liability company (the “LLC”) had restructured its debts under the Bankruptcy Law; Federal Decree-Law No. 9 of 2016 which was first published in the Official Gazette on 29 September 2016 and came into force on 29 December 2016.
Under Chapter 4 of the Bankruptcy Law the Bankruptcy Circuit of the Abu Dhabi Primary Court oversaw the restructuring of the LLC under which had been operating in the contracting industry since 2008 and had debts exceeding eighteen times its paid-up capital.
Introduction
When a limited liability company goes into liquidation, its creditors are faced with considerable uncertainty, not least over their rights to securities on loans made to the defaulter. In such cases, a number of questions arise, including the following:
In yet another example of the Dubai International Financial Centre (DIFC) making its company and insolvency law even more versatile, the DIFC has introduced a mechanism which will operate in a similar manner to a scheme of arrangement under English law. The law came into effect on 12 November 2018.
Key terms
Following the growing trend of companies participating in acquisitions and corporate restructurings, the rigorous procedure resulting from liquidation becomes incumbent to fully understand before a company’s directors and shareholders propose to walk through this route.
Introducing Liquidation