What Is The Purpose Of Personal Insolvency In UAE?

 

The expats in the UAE find themselves in many financial difficulties during different times. For both creditors and defaulters, a sign of relief is the Personal Insolvency in UAE. The UAE Cabinet has recently issued this long-waited Personal Insolvency Law which means that it provides the protection to the many numbers of individuals to obtain the settlement options. This is caused since the people here face job loss due to main reasons. Even during pandemic situations and other reasons, this law will protect people from getting stressed. 

But why is the purpose of this Personal Insolvency in Dubai? For this first, you must understand about the Insolvency Law. This law was introduced to cut down the incapacity of the debtor to pay their debt due to the Bankruptcy. This is generally called as the insolvency of a natural person. With the help of this law, the people have the opportunity to grant the new concessional loans which will help them overcome their financial problems. That is why this law is welcomed by all the people since it will make them stress-free.

What should you know about Personal Insolvency in UAE?

The Personal Insolvency in UAE is generally provided to the natural or civil persons who need sufficient protection to face the financial distress and unable to settle their debts. This development is aligned with the international best practice as only very few countries have established the support for the personal insolvency cases. The development in the Personal Insolvency in Dubai covers two important options and procedures. 

The two options are you can seek the court assistance to settle the debts if as an individual you cant repay your debut otherwise you can liquidate your personal assets as a result of your inability to pay the debts for the period of exceeding fifty days from your first default payment. If you getting the solution to this, you can hire the consultancy services to get the legal advice from the lawyers. You can explain about your situation and know the proper way through which you can handle all your debt. 

The main advantage of this Personal Insolvency in Dubai is that you will be protected from criminal and civil actions. The other advantages you can get as a debtor is that you can get the protection from your creditor when you have not paid the debt and get the effective alternative method to meet your debts. You will also get a chance of creating a flexible instalment plan and there will no restriction for you like the Bankruptcy.

As a creditor, you will be assured that you will get your fund through the court and you don’t need to take charge against the debtor. Such legal issues and handling it will be avoided which will provide you with a stress-relief. Hence, if you are in a situation where you cant pay your debt, you get the help from the lawyers through any reliable consultancy. They will help you handle the situation by using the Personal Insolvency in UAE. Thus, hereafter you don’t need to worry about repaying the debts. 

What Do You Need To Know About Cheque Bounce Issues & Cases In UAE?

 

In the UAE, the cheque bounce is a very common and frequent problem faced by the people during their span in the country. It is usually covered under the purview of a criminal offense in the UAE and legal implications or penalties can be financially severe and daunting. Cheque bounce issues & cases in UAE is common in commercial sectors since they do many transactions, exchanges and so on. This is not limited only to companies but it affects when there is bank loans, property rents, purchases and many more.

The cheque bounce issues & cases in Dubai can be attributed to several reasons but primarily due to the debtor’s failure of paying the debt to the creditor on a specific date agreed thereon. Cheque cases are extremely serious in Dubai and other emirates in the UAE. A cheque which is returned or dishonored can lead to the civil case, criminal case or both. The factors which lead to the cheque being dishonored are:

1.    Insufficient funds in the bank account on the date of issuance of the cheque.

2.    An order to the issuer bank to refrain from making the payment.

3.    Mismatching signatures or other technical errors.

4.    Closure of the bank account before encasement of the cheque.

How to get legal advice on cheque bounce issues & cases in UAE:

We all know that a filled and signed cheque acts as an authority to the bank to disburse the money of the drawer. As a cheque issuer, you must be aware of all the cheque bounce issues & cases in UAE so that you will be careful while handling all the transactions with a cheque. You must also satisfy the conditions while using the cheque for any commercial or personal transactions. A bounced cheque is the situation when the payee presents the cheque to the bank but it is rejected by the drawer bank.

A cheque is the payment instrument which used with liability during any transactions. Since there are many reasons for the bonce cheque the payment failure will happen. But during these times, the bank will provide the grace period to handle all the issues. But the bearer had no legal obligation to resolve this issue with the drawer through direct contacts rather than using the legal proceedings. Such proceedings will be taken as the course of a criminal or a civil case.

Whether you are an issuer or a payee, you can get the legal advice on the cheque bounce issues & cases in Dubai. For this, all you need is to find the right consultancy where the experienced lawyers will help you in handling these issues. They will help you understand the different types of cheque bounce issues & cases in UAE and your case so that you will have a better understanding of the current situation. They will also help in with the future proceeding and ways to handle the issues. Thus, when you handle transactions with cheque make sure you avoid any cases or issues with it. Even if you encounter any issues, then get the legal advice from the lawyers.