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In Bankruptcy Cases, How Does the UAE Court Appoint a Trustee

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In Bankruptcy Cases, How Does the UAE Court Appoint a Trustee

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  1. LAWYERSINDUBAI.COM IN BANKRUPTCY CASES, HOW DOES THE UAE COURT APPOINT A TRUSTEE? [DISCLAIMER] LAWYERSINDUBAI.COMDoNotOfferLegalAdvice. CasesAreUniqueand OutcomesWillVaryuponthefactsandlegalissuesofyourcase. Pleasedonot makeanydecisionsaboutanylegalmatterswithoutconsultingaReferred RelevantExpertlawyerfirst. Thereisnoattorney/Lawyer -clientrelationship formedbyanyuseoftheinformationprovidedOnthisSite. 1. PROVISIONS OF BANKRUPTCY LAW IN THE UAE FOR APPOINTING TRUSTEES Article82: Thisarticleofthebankruptcylawcoverswhothetrusteecanbe, howmanytrusteescanbeappointed, their methodofoperations, andthedecisionofcontinuationordismissalofthetrustee. Ifacourtagreestoaccepttheapplicationpresentedbythebankruptcylaw’srules, itwillappointatrusteefroma panelofexperts. Ifapersonwiththeappropriateexperiencecannotbefoundontheroster, thecourtmayappoint anexpertfromoutsidetheroster. Thecourtmayappointmorethanonetrusteeonitsinitiativeorattherequestofadebtor, creditor, orinspector, providedthatnomorethanthreetrusteesareappointedatanygiventime. Ifmorethanonetrusteeisselected, theymustworktogethertocompletetheirtasks, anddecisionswillbemadeby amajorityvote. Ifthereisatie, orifanequalnumberofpeoplehavedecidedondifferentthings, thecourtwillmake thefinaldecision. Thecourtwillassigntaskstothetrusteesandexplainhowtheywillcarrythemout, whether collectivelyorseparately. Ifthecourtagreestodesignatealegalpersonasatrustee, hemustappointoneormorerepresentativestocarryout thetrustee’svariousobligations, providedthattherepresentativeorrepresentativesareregisteredinthepanelof expertsasrequiredbyUAEbankruptcylaw. Thecourthastheauthoritytokeepthepreventivecompositiontrusteeinplacetocarryoutthedutiesofatrusteeby thelawsandappointadditionaltrustees. UndertheprovisionsoftheBankruptcyCode, thecourtcanalsodismiss anyofthem. Thetrusteemustbenotifiedofthecourt’sdecisionregardinghisappointmentnolaterthanthenextbusinessday aftertherulingisissued. INDIVIDUALS WHO ARE NOT ELIGIBLE TO SERVE AS TRUSTEES OR EXPERTS SUBSIDY PUBLISHING Thefollowingpeopleareineligibletoserveastrusteesorexperts: Thedebtor’screditorsareagroupofpeoplewhoareowedmoneybythe debtor. Anyonewithwhomthedebtorhasacloserelationship, suchashis spouse, in-laws, orrelativesuptothefourthdegree. Evenifhewasrehabilitated, anyonewhohasbeensentencedfor embezzlement, theft, fraudincommercialtransactions, breachoftrust, deception, forgery, oranyofthecrimeslistedinthebankruptcylaw, as wellasbriberyoranyotheroffensethathasharmedthenational economy, hasbeeninbreachoftrust, deceit, forgery, oranyofthecrimes listedinthebankruptcylaw, aswellasbriberyoranyotheroffensethat has Anyonewhowasadebtor’sbusinesspartner, pastemployee, agent, or auditortwoyearsbeforetheprocedure’sstart. ProvisionsforFeesPaidtotheTrusteeforTasksCompleted VISIT WWW.REALLYGREATSITE.COM FOR MORE TIPS

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