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Waleed Al-Helo

Waleed Al-Helo

Lawyer

الأسئلة المجابة 108892 | نسبة الرضا 98.1%

Lawyer

We are having LLC company in Dubai for last 12...

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We are having LLC company in Dubai for last 12 years. We have bank liabilities with one of UAE bank for which our sponser has given Personal guarantee. To remove his personal guarantee he is agreed to make part settlment if Loan but need confirmation from company that when we win One of the arbitration case the money , he should have first right over that receivables from Court . Whether we can create such agreement and dubai court will it accept this ? What is the procedure we can do this and give him the confidence .

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الرد من العميل

Hope you received my question

إجابة الخبير: Waleed Al-Helo

Waleed Al-Helo

Waleed Al-Helo

Lawyer

الأسئلة المجابة 108892 | نسبة الرضا 98.1%

We would like to inform you that according to the UAE Federal Labor Law, if there any dispute in the company, then yes you can agree foe the arbitration and determine the authority that will solve the dispute and sign a settlement by the parties and the arbitration authority. So that will oblige the parties in the court and the court will certified that settlement and consider it a sentence issued by them and shall be in force if there is nothing damage the arbitration procedures, or one of the procedures is not valid.
So if there is an arbitration document, you can go to the court to be certified and trusted and implemented.

الرد من العميل

This is not a labour issue . It is a commercial issue . Our sponser if he pays money to bank , he is asking company how company can guarantee his money . So as few collection cases we are fighting through recovery firm ( either arbitration or suit) , when recovery comes we want to assign this to our sponser as guarantee . Wanted to know if court can endorse it as first charge to him exclusively ?

إجابة الخبير: Waleed Al-Helo

Waleed Al-Helo

Waleed Al-Helo

Lawyer

الأسئلة المجابة 108892 | نسبة الرضا 98.1%

Yes, even it is commercial all are under arbitration if the parties agreed on that. So what is issued by that authority is obligated to the sponsor. We advise you to review the above answer.

الرد من العميل

Thanks for your response . Can I know any other future receivable can be assigned to Sponser , with valid binding court documents if we don’t want to involve him in this arbitration case as parties .

الرد من العميل

In meanwhile , in case other execution cases on our company is there in court at the time of receivable amount , is our sponser will get first charge on that receivable amount through this agreement . Point is we want to give 100% assurance to our sponser for his this obliged payment in advance to one of our bank . Hope you understood my query fully

إجابة الخبير: Waleed Al-Helo

Waleed Al-Helo

Waleed Al-Helo

Lawyer

الأسئلة المجابة 108892 | نسبة الرضا 98.1%

We would like to inform that what is agreed upon at the arbitration or any other party agreed with the guarantor is considered a guarantee that it is enforceable and what is agreed upon is binding only.

الرد من العميل

Ok thanks

إجابة الخبير: Waleed Al-Helo

Waleed Al-Helo

Waleed Al-Helo

Lawyer

الأسئلة المجابة 108892 | نسبة الرضا 98.1%

We are happy to communicate with you in the legal department

الرد من العميل

Thanks for your prompt service . Will revert back to you soon

إجابة الخبير: Waleed Al-Helo

Waleed Al-Helo

Waleed Al-Helo

Lawyer

الأسئلة المجابة 108892 | نسبة الرضا 98.1%

We are happy to communicate with you in the legal department

إسأل Lawyer

Waleed Al-Helo

Waleed Al-Helo

Lawyer

الأسئلة المجابة 108892 | نسبة الرضا 98.1%

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