tasheelegal

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How can UAE Insolvency Law benefit defaulters
and creditors?

• Tasheel Legal Consultancy
• Emirates Islamic Bank Bldg,Al Qusais Metro
  Station,Al Nahda Road (Al Qusais 2),Near Al
  Twar Center Ministry of Education Bldg,Dubai,
  United Arab Emirates
•  
• M 97165363791
• E info_at_tasheellegal.ae
• www.tasheellegal.com

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UAE Cabinet issued the Insolvency Law on 29th
August, 2019, and came into effect in January
2020, which provides sufficient protection to
defaulters and creditors. This law aims to
provide a vast number of individuals to obtain
settlement options, caused due to hardship,
financial difficulties faced by the UAE residents
due to job loss, pandemic situations, and other
various reasons. This law will protect you from
being stressed, and fall apart. The court driven
procedure can be consulted with the legal experts
to reach a settlement without compromising
further.
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Purpose of Personal Insolvency Law
Insolvency Law inscribe the incapacity of a
debtor to pay their liabilities or accumulated
debts due to bankruptcy and this is called as
insolvency of natural person. Since the
regulation of insolvency is associated to the
Civil Transactions Act, the debtor is permitted
sensible length of time to fulfill his debts
according to the situation of the debtor where he
stands but this too is done provided this
moratorium does not cause any serious damage on
the creditor.
Advantage of Personal Insolvency Law It helps the
defaulters and creditors to clear the payment of
loans, debts, while being protected from criminal
civil prosecution for instance pursuant to
a court order.
 
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• The advantages from the debtor side are
• Protection from the creditors
• Effective and easy alternative to fulfill the
  debts
• Flexible and suitable installment plan
• No restriction or effect like personal
  bankruptcy.
• The advantages from the creditor side are
• Litigation charges against the debtor can be
  avoided
• Assurance of the fund through the court.
•  

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Thank You!!!
Tasheel Legal Consultancy Emirates Islamic Bank
Bldg,Al Qusais Metro Station,Al Nahda Road (Al
Qusais 2),Near Al Twar Center Ministry of
Education Bldg,Dubai, United Arab Emirates  M
97165363791 E info_at_tasheellegal.ae www.tasheelle
gal.com