Struggling with Debt recovery in the UAE is governed by the Federal Law No. 18 of 2018 on Commercial Transactions.
The process that we are following in helping creditors to recover debts is:
- First, we officially demand for payment. We send in written a demand for the payment to the debtor. We offer him the chance of mediating and obeying a rates payment plan as an amiable way of solvation. If the debtor fails to pay then we will take legal action.
- Second, legal action, the step where we will file a lawsuit against the debtor at the local Court. If the Court finds in favour of the creditor, the debtor will be ordered to pay the debt.
- Third, the attachment in which we will attach the debtors’ assets, properties or bank accounts, to prevent the debtor from selling or transferring the assets.
- Fourth, the execution, in which if the debtor still fails to pay, we will apply for the execution of the Court order and the Court will order the seizure and sale of debtors assets to close the debt.
