Bankruptcy lawyers in Dubai
Bankruptcy lawyers in Dubai will not only help finish your bankruptcy case successfully, but will also do the paper legal drafting work from A to Z, and guide you legally. Some people or companies declare bankruptcy when they realize they are not able to pay their and financial dues and want to get rid of debts burdens without being involved in legal issues. SAR bankruptcy lawyers in Dubai will get you through the exhausting process of bankruptcy with the least possible loss.
What to expect from bankruptcy lawyers in Dubai, UAE
Bankruptcy cases complication depends on your business, whether it is small or huge, and the litigation situation you are involved in. lawyers in UAE must have a high skill level to be able to gather and drive facts towards the benefits of the clients. What to expect from bankruptcy lawyers in Dubai and UAE?
Bankruptcy law in UAE
Bankruptcy law in UAE is for protecting businesses’ financial situation during emergencies like pandemics, wars, environmental disasters, and more. The UAE government has set this law to help the debtors to overcome this hard ordeal by filing in bankruptcy court application:
- Fill in an application to be approved by the court.
- The debtor may settle his debt with 12 months period long as an extreme.
- The court will not take any action regards the debtors’ funds.
- Debtors will have permission to liquidate to keep their business running under specific terms and conditions.
Liquidation lawyer in UAE
A liquidation lawyer in UAE will secure your company’s liquidation plan to survive the bankruptcy emergence. The liquidation term was added to the UAE law in 2015, and there are two types of liquidation; voluntary and compulsory which you can learn more about them in the SAR law blog.
Liquidation is requested by owners to close the company when it is not able to pay its obligations. As the company closes up, the remaining assets go to creditors and shareholders according to the claimed priority. If you seek the help of a liquidation lawyer, here is what you get:
- Prepare the liquidation legal documents.
- Prepare the company for liquidation.
- Work on liquidator acceptance to the relevant authority.
- Submit offshore or free zone company application.
- Arrange letters of clearance.
- Close the company’s bank account.
- Prepare certificate of no liability and clearance.
- Cancel employees’ visas and labour cards.
- Cancel immigration card.
- Prepare a report of liquidation and submit it.