Rules of Bankruptcy

The Dubai Cassation Court has issued a principle stating that failure to pay one commercial debt is sufficient to declare a company bankrupt.

The law also allows the creditor of a limited liability company to ask the court to declare a company bankrupt if it fails to pay a mature debt.  The court has based the principle on the Commercial Transactions Law, which states that to declare a company bankrupt, failing to pay a number of commercial loans is not the provision, but failing to pay only one debt is sufficient as it implies a shaky financial status.

5 Comments so far

  1. North Carolina Bankruptcy Lawyer (unregistered) on July 28th, 2010 @ 4:49 pm

    DUBAI bankruptcy laws seem to be fairly lenient. Here in North Carolina in order for a consumer to file bankruptcy you need to pass the means test to show your debts a sufficient enough to necessitate filing.


  2. TAYLOR28Gray (unregistered) on July 29th, 2010 @ 11:31 pm

    The loans seem to be essential for guys, which want to organize their career. In fact, that is not very hard to receive a term loan.


  3. The Legal Blotter » Blog Archive » Fuel Prices UP again ! (pingback) on August 3rd, 2010 @ 3:32 am

    […] Rules of Bankruptcy North Carolina Bankruptcy Lawyer DUBAI bankruptcy laws seem to be fairly lenient. Here in North Carolina in order for… […]


  4. Jami24MORRISON (unregistered) on August 5th, 2010 @ 5:22 pm

    I opine that to receive the home loans from creditors you ought to present a firm motivation. However, once I have got a sba loan, because I was willing to buy a car.


  5. REED25Sadie (unregistered) on August 7th, 2010 @ 12:45 am

    One remembers that life is high priced, but we require money for various stuff and not every man earns big sums cash. Thence to receive good loan or secured loan will be a proper way out.



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