Strengthening Over UAE Financial Disputes

Considering the UAE, one of the biggest business hubs, businesses and individuals struggle with finances sometimes. People would keep their debts unsettled. They might leave the country without settling their debt. However, this is not recommended by the advocates in Dubai. They tell the companies how can they have a limited loan that can prevent them from going bankrupt because the unsettled debt can lead to civil and criminal cases, Therefore, if a company is facing financial distress, it must involve legal solicitors to help them get away from financial issues. Usually, the bank would register a criminal case against the client if they do not pay off their debt or are found defaulted. They can also register a criminal report against debtors if the bank receives a dishonoured cheque from the debtor. The debtor cannot be spared unless they do not pay the fine or do not fulfil the years of imprisonment as sentenced by the court.

 

What Happens if Debt is Not Paid?

The bank may file the case directly in civil court, which means that the debtor may be banned from travelling out of the UAE, especially when trying to escape the situation of outstanding debt. Furthermore, the bank will register a civil case in the specific Emirate court. From there the case will be taken to the Execution courts and the debtor will be arrested if he may not pay the debt as requested by the creditor.

 

Can Creditors Use the Same Judgement in their Home Country?

Yes, that is true. The judgement that is passed on debtor in the UAE, can be applied in their home country. Therefore, the debtor should be careful while dealing with debt settlement. As a debtor, you must not think that fleeing back to your home country can save you from all the financial stress. In fact, the same laws can be applied in your home country because many countries have signed treaties with the UAE to execute judgements in their country. It is better to stay in the UAE and choose advocates in Dubai who can help you in settling the debt.

 

Best Way to Avoid Financial Disputes

Financial settlements are a part of the business. Therefore, the advocates in Dubai advise people to rethink their finances and pay off outstanding bills at the earliest, whether that is a loan, debt or any unpaid invoices.