Federal Personal Insolvency Law for Debtors in UAE
Insolvency law has been approved by the UAE for creating favorable conditions for both creditors and debtors. Moreover, it also aims to provide a comfortable business and helping individuals who are not able to pay their debts. Our associate lawyers and legal consultant in Sharjah have extensive knowledge about Insolvency law.
They are proficient to deal with the needs of local and emigrant citizens and help them to overcome existing or anticipated financial issues. Apart from that their customized services are available for individuals in Sharjah, Ajman, Abu Dhabi, and in many other states of UAE.
Potentials of law on personal insolvency in the UAE
Important features of Insolvency Law are:
- Provide ease for debtors who are unable to pay their debts due to bankruptcy
- This law is based on Islamic jurisprudence
- A reasonable period of time is offered to debtors so that they can pay their debts.
- This law is for a natural person who has no business or economy
- It aims to enhance financial stability and accelerate growth in UAE
- Individuals are provided ease to take loans
- Help creditors to focus on Retail lending
- It maintains the reputation and dignity of debtors.
- It provides rescheduling of debts
Two major advantages for debtors in Insolvency Law
The proposed law is a good initiative by the government of UAE as it has many benefits for a common person including debtors. The fault of debtors is not necessary in every debt collection case. Our legal consultant in Sharjah makes sure that debtors are also taken care of in handling debt collection cases in UAE. Following, support is provided to debtors in Insolvency Law:
- Helps debtor in settling financial obligation
- Helps in providing liquidation of funds
Wrapping up the context
The new law provides necessary provisions for UAE residents. However, the regulation of law depends upon availability, expertise, and willingness of lawyers in Dubai. Our associate insolvency lawyers have vast knowledge about Insolvency law and deal case by following UAE jurisdiction. They are very technical in handling diverse cases.
Moreover, we offer result-oriented services to our dear clients. If you are looking for further details contact our law firm.