The cabinet of the Emirates has pioneered the long-awaited Insolvency law in the UAE intending to provide those individuals facing financial obligations and debts with legal protection from going bankrupt. The new law offers the debtors with a breathing space by allowing them time to reschedule their debts and an opportunity to grant new loans. The law has introduced 2 means to solve the insolvency; a voluntary settlement process and insolvency and liquidation of funds. Now, any normal individual with financial troubles, mainly debts, with the help of lawyers in Dubai for debt recovery can now, request the insolvency law in the UAE to resolve their financial burdens without being charged by an offense.

How Does the Insolvency Law Work?

-> An individual with debt credits can approach the civil court within their residence to evoke their insolvency status.

-> The court will appoint one or more financial experts who will set a payment plan which may or may not include payments by assets.

-> The debtor will no longer face legal actions once the plan is in action and any criminal case charged against the individual will be nullified as soon as the payment is completed.

With the introduction of a new set of legal proceedings, the government intends to look into the security of the residents of the United Arab Emirates by offering them further stability from the legal prosecution.

To know more of the legal proceedings to request the insolvency law in the UAE please contact: