Latest news with #CommercialTransactionsLaw
Observer
19-05-2025
- Business
- Observer
Workshop addresses draft commercial Law
MUSCAT: Oman Chamber of Commerce and Industry (OCCI), in cooperation with the Ministry of Commerce, Industry and Investment Promotion, organised a workshop to discuss the draft Commercial Law and Commercial Transactions Law, as well as the draft Commercial Registry Law. This initiative falls within the OCCI efforts to strengthen partnerships between the public and private sectors in developing the legislative environment for the business sector in the Sultanate of Oman. — ONA
Khaleej Times
09-02-2025
- Business
- Khaleej Times
UAE: Can banks file case against customers who are unable to pay credit card dues?
Question: What are the legal options open to me if I am unable to pay off credit card bills? I am in a dire situation and can't afford to pay bank card dues. What kind of action can the bank take? Answer: In the UAE, a credit card facility provided by a lender to a borrower may come under the provisions of rules and regulations governing the terms and conditions of a personal loan. While a credit card facility is granted to a borrower, a lender may collect cheque(s) as security against the sanctioned limit of a credit card. This is in addition to a signed loan agreement or application form which contains the terms and conditions governing the issuance of a credit card to an applicant. Stay up to date with the latest news. Follow KT on WhatsApp Channels. Any individual who fails to pay three consecutive monthly bills on credit card or six non-consecutive monthly bills of credit card may be considered as an event of default. This is under Article 4(4) of the Personal Loan Agreement format of Notice No. 3692/2012 of Central Bank of the UAE about General Terms and Conditions and Loan Agreements texts drafted and approved by Emirates Bank Association, which states: 'The loan elapses and all the instalments, interests and any other fees and expenses become due and payable immediately without having to give any notification or any court ruling and without prejudice to any other rights of the bank according to this agreement or in accordance with the law – in the event that the borrower failed to pay three consecutive instalments or six non-consecutive instalments of the monthly instalments without the approval of the bank.' In case of a default, a lender may choose to deposit your security cheque(s) for collection (if any). Should the said security cheques be dishonoured due to insufficiency of funds, a lender may file an execution case against you. This is in accordance with provisions of Federal Decree-Law No. 50 of 2022 Issuing the Commercial Transactions Law. Furthermore, a lender may approach the relevant court which has jurisdiction if the outstanding amount is more than Dh10,000 and request the imposition of a travel ban on you in accordance with provisions of Article 324 and Article 325 of the Federal Decree Law no. 42 of 2022 on Civil Procedures Law. Additionally, a lender may have the option of filing a payment order case or a civil case against you in court to recover the outstanding debt. If the final judgement is not in your favour, a lender may proceed to file execution proceedings against you and that may include a request to impose a travel ban and issue an arrest warrant against you. It may be prudent for you to approach the issuing bank or financial institution, present your case if there is any strong reason due to which you are unable to pay, and seek relief in terms of settling these dues in instalments and seek a waiver from payment of penal interest before they proceed ahead to file legal action against you. The issuing bank or financial institution reserves the right to accept or reject this request. You may also consider declaring yourself insolvent as per the provisions of UAE Insolvency Law which is applicable to the individuals in the UAE.
Hi Dubai
27-01-2025
- Hi Dubai
UAE: How to Claim Compensation for Lost Baggage and Mental Distress
Question: I traveled to Dubai from Europe last month with an international airline. Upon arrival, I was informed that my bag, which contained valuables worth Dh50,000, had been left behind at London airport. Despite several follow-ups, the airline continues to give the same excuse, claiming my bag will be delivered within a day or two. I am convinced the bag is lost. Am I entitled to claim the full Dh50,000 and seek compensation for the mental distress caused by this situation? What are my rights in this case? Answer: If you checked in your luggage when traveling from Europe to Dubai last month, the airline is responsible for your checked-in baggage under UAE law. According to Article 353(2) of the Federal Decree Law No. 50 of 2022, which governs the Commercial Transactions Law, the airline holds custody of your baggage during transit. In the case of loss or damage, the airline is liable for compensation. As per Article 356(1), the airline is responsible for any loss, destruction, or damage to your checked baggage during air transport. If your luggage is lost before being delivered to you, compensation can be up to Dh500 per kilogram, as stated in Article 359(2), unless a higher value was declared and additional fees paid for special handling. If you believe your luggage has been lost, you can take the following steps: Review the terms and conditions on your air ticket, which should outline the process for handling lost baggage. File a formal complaint with the airline. If the airline's response is unsatisfactory, you can escalate the matter to the Dubai Civil Aviation Authority. Should the issue remain unresolved, you may file a civil claim in the Dubai Courts. As per Article 368 of the UAE Commercial Transactions Law, you can take legal action in the courts located at the destination, departure location, or where the airline's head office is based. This allows you to seek appropriate compensation for the loss of your baggage and any associated mental distress. News Source: Khaleej Times
