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How can UAE Insolvency Law benefit defaulters and creditors?

Insolvency Law inscribe the incapacity of a debtor to pay their liabilities or accumulated debts due to bankruptcy and this is called as u2018insolvency of natural person.

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How can UAE Insolvency Law benefit defaulters and creditors?

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  1. 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@tasheellegal.ae www.tasheellegal.com

  2. 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.

  3. 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.

  4. 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.

  5. 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@tasheellegal.ae www.tasheellegal.com

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