Last week Sheikh Mohammed Bin Rashid Al Maktoum, Ruler of Dubai, issued Decree No. 57 for 2009 Establishing a Tribunal to decide the Disputes Related to the Settlement of the Financial Position of Dubai World and its Subsidiaries (the “Decree”). The Decree establishes a tribunal (the “Tribunal”) comprising three members--Sir Anthony Evans, Michael Hwang, and Sir John Chadwick--to hear and decide all demands and claims submitted against Dubai World and/or its subsidiaries including Nakheel and Limitless, and any of their directors or employees.
When a Cayman Islands company is in official liquidation, no proceedings or claims can be commenced against the company without the Cayman Court's permission. This requirement serves as a safeguard for the liquidation estate of the company in liquidation from being unnecessarily depleted at the expense of stakeholders of the liquidation.
A challenging economic environment and Covid-19 are behind a looming wave of contentious insolvency in the Middle East. The legislative framework in the UAE now provides the tools to creditors to face the challenge.
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 UAE Government recently passed legislation that substantially simplifies the procedure for obtaining a payment order.
Payment orders may offer an efficient method to obtain ex parte judgement against a debtor. They are frequently used when claiming amounts arising from bounced checks or other commercial instruments.
Introduction:
بإشهار افلاس شخص ما أو شركة ، وما هي الفائدة التي تعود على الدائنين ، وهنا سنبين أهم الىثار التي تترتب على على الحكم بإشهار الإفلاس وهي عدة آثار بالنسبة للمدين وبالنسبة للدائنين وبالنسبة للتفليسة نبينها فيما يلي :-
ويمكن حصر الاثار المتعلقة بشخص المدين في أربعة آثار رئيسية :
1- تقييد حرية المفلس : لا يجوز للمفلس ان يتغيب عن محل اقامته دون ان يخطر امين التفليسة كتابة بمحل وجوده، ولا يجوز له ان يغيره او يغادر الدولة الا بإذن من قاضي التفليسة.
The rising strength of the United Arab Emirates as a commercial powerhouse has continued as the Covid-19 pandemic recedes. The UAE was a key business hub prior to 2020, but the flow of money and talent into the country has increased since then, driven by numerous factors including the UAE’s business-friendly climate, its stable political regime, and the access to fair and transparent justice mechanisms.
Financial liability in terms of multiple loans or credit cards is to be best handled by availing the option of a ‘Debt consolidation loan in UAE’. There are several banks in the UAE providing the services of a ‘debt consolidation loan’. As per the latest surveys, it is seen that at least three in five UAE residents have outstanding debts of various nature and therefore can benefit from the Debt consolidation services.
How it works:
We all have been witnessing major steps taken by the government of UAE in order to prevent negative impact of coronavirus on our economy. COVID-19 has just made wide-scale interruption to various ventures both locally and internationally.