Bankruptcy issues
Federal Decree-Law No.(51) For a year 2023 Issuing the financial reorganization and bankruptcy law
The United Arab Emirates has issued a new legal legislation under the name of the bankruptcy law, which enhances the protection of all parties concerned, especially creditors and debtors. This law provides the debtors the opportunity to fulfill their obligations for longer periods of time, which enables them to continue their business without the need to leave the market as a result of financial crises..
Through the decree of a federal law number (51) For the year 2023, which established the financial reorganization and bankruptcy law, this legislation has become a "survival rope" for many entrepreneurs who face serious financial challenges.. He also gave investors in the UAE a greater feeling of safety, as it limits the manipulation of companies that do not have a financial cover.
The new bankruptcy law has positive effects on the economy as a whole, as it guarantees the rights of creditors and preserves the interests of troubled companies. By facilitating registration and movement procedures between the various economic sectors, the law also provides the troubled companies the opportunity to reach a judicial reconciliation within a specific time period. Consequently, startups with financial difficulties will not have to leave the country; Rather, it can restructure its financial conditions legally, which contributes to the interest of the macroeconomic and allows the debtors to arrange their financial conditions in the interest of the creditors in the end..
Lawyer Juma Al -Naqbi's office approaches bankruptcy cases
In view of the importance of the changes brought about by the new bankruptcy law and the complexity of the issues related to it, the attorney’s office Juma Al -Naqbi realizes the need to deal with these issues with high craftsmanship and accurate knowledge of financial and commercial laws, given their significant economic implications for companies, individuals and creditors, and through experience exceeding twenty years, the office provides comprehensive legal consultations commensurate with the requirements of the UAE market and takes into account the sensitive financial conditions of the parties concerned.
The legal system of bankruptcy
The bankruptcy system seeks to regulate dealing with cases of financial deficit by protecting rights and restoring balance between debtors and creditors, through mechanisms such as the restructuring of debts and the liquidation of assets. And due to the conflict of interests between the parties, it takes high negotiation skills and accurate legal knowledge, which is presented by the office of lawyer Juma Al -Naqbi through a specialized team with extensive experience in this field.
The legal roles of the office in bankruptcy cases
1. Assets
An accurate inventory of the diploma of bankruptcy is made, compared to the debts owed to find a balance that helps in making the appropriate decision.
2. Legal Consulting
The lawyer offers specialized consultations that explain the available options, such as restructuring or negotiating with creditors before resorting to bankruptcy.
3. Manage Bankruptcy Procedures
In the event that the bankruptcy decision is taken, the lawyer shall submit the application and follow up on legal procedures, and represent the client before the court, while seeking to restructure or settle the more as possible.
Summary
In the office of Juma Al -Naqbi Advocates and Legal Consulting, we are concerned with studying the files of our customers and applying the bankruptcy law to ensure the achievement of the best results, while maintaining the continuity of their business and financial lives naturally. Through our accurate legal consultations, we always aim to achieve a balance between the rights of creditors and the interests of debtors, which contributes to reducing losses and achieving financial justice for the two parties..