Q: What is insolvency law?
Insolvency law approved by the UAE Cabinet aims to protect individuals who are in debt.
Q: When will the law come into effect?
From January 2020
Q: How is it different from bankruptcy law?
The bankruptcy law deals with companies while the insolvency law deals with cases of individuals who are facing financial difficulties.
Q: What form of protection does the law offer?
Debtors will be protected from criminal prosecution and instead offered support to repay debts within three years. Individuals will be allowed to reschedule their debts and will have the opportunity to avail of new concessional loans.
Q: How will the court deal with the debts?
The experts appointed by the courts will coordinate with the debtor and creditors to come up with a plan, lasting no longer than three years, to settle the financial liabilities and fulfil all obligations stipulated in the plan.
Q: Will the debtors face a travel ban during the three-year repayment period?
At this stage, this aspect is not clear.
Q: Can the debtor apply for new loans during this period?
The debtor will be prevented from taking any loans until the court decides, upon the request of expert, the debtor or any of the creditors.
+ Renewal of driving licence in RAK online only
Insolvency law approved by the UAE Cabinet aims to protect individuals who are in debt.
Q: When will the law come into effect?
From January 2020
Q: How is it different from bankruptcy law?
The bankruptcy law deals with companies while the insolvency law deals with cases of individuals who are facing financial difficulties.
Q: What form of protection does the law offer?
Debtors will be protected from criminal prosecution and instead offered support to repay debts within three years. Individuals will be allowed to reschedule their debts and will have the opportunity to avail of new concessional loans.
Q: How will the court deal with the debts?
The experts appointed by the courts will coordinate with the debtor and creditors to come up with a plan, lasting no longer than three years, to settle the financial liabilities and fulfil all obligations stipulated in the plan.
Q: Will the debtors face a travel ban during the three-year repayment period?
At this stage, this aspect is not clear.
Q: Can the debtor apply for new loans during this period?
The debtor will be prevented from taking any loans until the court decides, upon the request of expert, the debtor or any of the creditors.
GUIDANCE
+ Emiratis can get India visa on arrival
+ Apply for jobs through MOHRE website
+ OCI Registration Service - Overseas Citizen Of India Cardholder
+ Abu Dhabi road toll gates
+ Free SIM card for every tourist in Dubai
+ Tourist Destinations in Dubai
+ Know the Location: Al Barsha, Dubai
+ Electronic Family Book for UAE citizens and residents
+ Al Kifaf Municipality Centre offers services round the clock
+ Pension fund contributions a must for Filipinos
+ How to get UAE citizenship?
+ TAMM service centers in Abu Dhabi
+ Overseas Filipino Workers (OFW) e-Card
+ E-media licence in UAE for social media influencers-NMC
+ Housing Fees in Dubai (How to update residential data in DM site?)
+ Pakistan eases visa policy; e-Visa for 175 countries
+ Mutual consent divorce process in the UAE
+ Daily RTA bus service to Muscat from Dubai
+ A guide to moving to Dubai with children
+ Management Skills Placement Test for Consulting License in Dubai
+ Employer should bear Health Insurance Cost in UAE
+ DHA licence of expats won’t be cancelled on their exit
+ Bahrain Tourist Visa
+ Marriage Solemnization at Indian Consulate
+ Tips to avoid job scams and Fakes Certificates
+ How to settle UAE bank loan from outside the country?
+ Two year 'Visiting Doctor's Licence' in Dubai
+ Qualifications to be a teacher in UAE
+ Good conduct certificate must for teachers in UAE
+ Top 10 Passports in the World, UAE passport ranked the most powerful
+ Driving License formalities in Dubai, UAE
+ Driving License Validation Letter from RTA (Dubai)
+ Driving License attestation from Indian Consulate
+ No need driver's licence test for drivers from these countries
+ Verify your Dubai Visa before travel
+ Verify your Abu Dhabi Visa before travel
+ UAE Alcohol Law
+ Death Cases and formalities at different departments in Dubai
+ Saudi Arabia grants tourism visa for foreign travellers
+ Saudi Arabia reduces visa fee for Pakistanis
+ Death Cases and formalities at different departments in Saudi Arabia (KSA)
+ Duel Citizenship option in European Countries
+ Visa-free European travel destinations from UAE
+ Tourist Destinations in Abu Dhabi
+ Tourist Destinations in Sharjah
+ Dubai Investments Park (DIP)
+ About Dubai & United Arab Emirates
+ Dubai Government Departments and Online Links
+ How to report a food poisoning case in Dubai?
+ Philippines begins issuing 10-year passports
+ What is EXPO 2020 Dubai?
+ Embassies & Consulates, Dubai & Abu Dhabi - UAE
+ UAE Travellers required to fill in electronic form to carry controlled medicines
+ How runaway borrowers can clear names and return to UAE?
+ Emiratis can get India visa on arrival
+ Apply for jobs through MOHRE website
+ OCI Registration Service - Overseas Citizen Of India Cardholder
+ Abu Dhabi road toll gates
+ Free SIM card for every tourist in Dubai
+ Tourist Destinations in Dubai
+ Know the Location: Al Barsha, Dubai
+ Electronic Family Book for UAE citizens and residents
+ Al Kifaf Municipality Centre offers services round the clock
+ Pension fund contributions a must for Filipinos
+ How to get UAE citizenship?
+ TAMM service centers in Abu Dhabi
+ Overseas Filipino Workers (OFW) e-Card
+ E-media licence in UAE for social media influencers-NMC
+ Housing Fees in Dubai (How to update residential data in DM site?)
+ Pakistan eases visa policy; e-Visa for 175 countries
+ Mutual consent divorce process in the UAE
+ Daily RTA bus service to Muscat from Dubai
+ A guide to moving to Dubai with children
+ Management Skills Placement Test for Consulting License in Dubai
+ Employer should bear Health Insurance Cost in UAE
+ DHA licence of expats won’t be cancelled on their exit
+ Bahrain Tourist Visa
+ Marriage Solemnization at Indian Consulate
+ Tips to avoid job scams and Fakes Certificates
+ How to settle UAE bank loan from outside the country?
+ Two year 'Visiting Doctor's Licence' in Dubai
+ Qualifications to be a teacher in UAE
+ Good conduct certificate must for teachers in UAE
+ Top 10 Passports in the World, UAE passport ranked the most powerful
+ Driving License formalities in Dubai, UAE
+ Driving License Validation Letter from RTA (Dubai)
+ Driving License attestation from Indian Consulate
+ No need driver's licence test for drivers from these countries
+ Verify your Dubai Visa before travel
+ Verify your Abu Dhabi Visa before travel
+ UAE Alcohol Law
+ Death Cases and formalities at different departments in Dubai
+ Saudi Arabia grants tourism visa for foreign travellers
+ Saudi Arabia reduces visa fee for Pakistanis
+ Death Cases and formalities at different departments in Saudi Arabia (KSA)
+ Duel Citizenship option in European Countries
+ Visa-free European travel destinations from UAE
+ Tourist Destinations in Abu Dhabi
+ Tourist Destinations in Sharjah
+ Dubai Investments Park (DIP)
+ About Dubai & United Arab Emirates
+ Dubai Government Departments and Online Links
+ How to report a food poisoning case in Dubai?
+ Philippines begins issuing 10-year passports
+ What is EXPO 2020 Dubai?
+ Embassies & Consulates, Dubai & Abu Dhabi - UAE
+ UAE Travellers required to fill in electronic form to carry controlled medicines
+ How runaway borrowers can clear names and return to UAE?
------------------------------------------------------------------------------------------------
Are you planning to Set-up your business in Dubai? Call us for Setting up new business, LLC Formation, Amendment in existing license, PRO Service and Translation. +971 55-273 2295, 055-345 7829, 04-239 1302or mail your queries to visaprocess.ae@gmail.com
Are you planning to Set-up your business in Dubai? Call us for Setting up new business, LLC Formation, Amendment in existing license, PRO Service and Translation. +971 55-273 2295, 055-345 7829, 04-239 1302or mail your queries to visaprocess.ae@gmail.com
No comments:
Post a Comment