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Moath Samer

Moath Samer

Attorney

الأسئلة المجابة 46573 | نسبة الرضا 98.5%

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How can I file insolvency

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How can I file insolvency
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Dubai
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Will be as they are calling every day
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Options available for me to get my liabilities settled without extras

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إجابة الخبير: Moath Samer

Moath Samer

Moath Samer

Attorney

الأسئلة المجابة 46573 | نسبة الرضا 98.5%

We would like to inform you that the preventive composition application, in which the reasons of application are stated, shall be submitted to the Court, accompanied by the following documents:

a. A memorandum of brief description of the debtor’s economic and financial position and information of his properties in addition to detailed data of his employees.

b. Certified copy of the trade, industrial or professional license and commercial or professional registration of the debtor issued by the competent licensing authority in the Emirate.

c. Photocopy of the commercial books or financial statements of the debtor’s business for the fiscal year that precedes the application submission.

d. A report that states:

 1) The debtor’s cash flow projections and loss and profit projections for the [12] twelve months period following the application submission.

 2) List of names of the debtor’s creditors including their addresses, rights or debts and the provided guarantees, if any.

3) Detailed statement of movable and immovable properties of the debtor and the estimated value of each property, on the date of application submission, and any resulting third party guarantees or rights. e. Propositions of preventive composition and guarantees of its execution.

f. Designation of a trustee nominated by the debtor to handle the procedures, according to the provisions of this Decree Law.

g. If the applicant is a company, a photocopy of decision of the competent body in the company that authorizes the applicant to submit the application of taking the preventive composition procedures and photocopy of the company’s incorporation documents and any amendments made thereto lodged at the competent authority in the Emirate, shall be attached to the application.

 h. A report issued by the body in charge of credit information in the state.

إسأل Attorney

Moath Samer

Moath Samer

Attorney

الأسئلة المجابة 46573 | نسبة الرضا 98.5%

  • 100% ضمان الرضا
  • انضم الى 8 مليون من العملاء الراضين
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