Dubai court stops all legal procedures against woman facing financial crisis
Dubai Civil Court halted all penal proceedings initiated by creditors against an Arab woman who was indebted, due to financial distress and bounced cheques.
The court appointed an expert to initiate insolvency proceedings and liquidate her assets.
According to case documents, the Arab woman filed a request with Dubai Civil Court to declare her insolvency and liquidate her assets.
The court deemed the request legally valid and accepted it in form, while maintaining all precautionary measures against her, including a travel ban. Insolvency proceedings were then initiated.
The court instructed an expert to publish the decision to begin insolvency proceedings and invite creditors to submit their claims within 20 working days from the publication date.
Additionally, anyone with a claim to the woman's assets was given a maximum of two months from the publication date to file a request for recovery.
The court also asked the expert to assess the possibility of reaching an amicable settlement with creditors without harming their interests and to propose a timeframe for finalising such an agreement.
Dr Alaa Nasr, the legal representative of the woman, stated that the humanitarian approach of the UAE and its wise leadership is evident in the provisions of Federal Decree-Law No. 19 of 2019 concerning insolvency.
This law enhances the UAE's competitiveness in the ease of doing business, facilitates support for individuals facing financial difficulties, and protects those unable to repay debts from bankruptcy.
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