A mention of the word “debt” can bring about a shiver in anyone. In simpler terms, debt is what one owes to another. It is not always in the form of currency which an individual, group of individuals or organization are expected to pay or repay to another establishment, individual etc. Debt is good to go when carried out correctly. However, the event may differ when the responsible party is unable to repay the amount owed; they become the evading party. Many places have their own rules and regulations while handling outstanding debts. Dubai, the city of gold also has its way of treating debt defaults.
Back in the time when the recession hit Dubai, investors fled the country because of both the recession and the lacking regulations for insolvency and bankruptcy. Due to the fear of being imprisoned, firms could not apply for a proper bankruptcy procedure as the laws changed by 2017 — the rules aimed at decreasing anxiety amongst investors and attracting foreign investment. Before, companies found it hard to wind up or restructure as the UAE did not have new bankruptcy regulations. They passed new legislation which now allows businesses to apply for bankruptcy. This law is now suitable to all offshore and Free-zone firms, excluding Dubai International Finance Centre (DIFC) and Abu Dhabi Global Market (ADGM). They have their insolvency laws and regulations.
In a highly commercial land like Dubai, business owners will always have issues with the funds in their company, especially debtors. Debtors have been the most difficult to handle by the business since the discovery of the concept of “lending” in the business field. The collection of outstanding debts will always be a problem to business owners, and it is because of the lack of knowledge of owners in taking the right action. Once the liability is unrecoverable, one must seek for legal help.
The next question in line while seeking legal assistance is, what is a debt collection attorney capability? Or what can a debt collection attorney do?
A debt collection attorney can help get the best solution to the debtor to pay. They represent either creditors or debtors. They use strategical methods to get the loaned money or protect one from impatient and antsy creditors.
STA International Law Firm, Dubai we make sure that the debtors and creditors are relieved of their outstanding liabilities by providing excellent legal assistance and other legal services with a team of an exceptional group of lawyers and associates.
To learn more about debt collection and the legal help to be sought relating to it visit https://www.stalawfirm.com/en/contents/view/debt-collection-dubai.html
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