COVID-19 has impacted all businesses and economies around the globe with a precipitous decline in demand and supply as a result of quarantine orders, business closures, and social distancing. International Monetary Fund research suggests that the world economy may shrink (in the year 2020) by 3% with the trade volume falling by 11% and the oil prices by 42% (World Economic Outlook, April 2020: The Great Lockdown). In these challenging circumstances and with significant level of debt, many companies are at the onset of insolvency.

Stephenson Harwood’s Middle East team provide top tips on how to quickly recover debt in the UAE.

The strategy we set out in this bulletin is intended to crystallise the debt in the eyes of the national courts of the UAE making recovery of the debt quicker than it otherwise might be.

Issue letters of demand