Team owner Mukesh Kochhar hails 'outstanding’ ladies as he pays tribute to his tried and tested squad of players
sports6 hours ago
The insolvency law that was approved by the UAE Cabinet earlier this week is designed to protect debtors from legal prosecution, decriminalise the financial obligations of insolvent persons, and offer them an opportunity to work, be productive and provide for their families. However, the Ministry of Finance has specified the penalties that will be imposed on those who misuse the law.
Also read: All you need to know about UAE insolvency law
Any creditor who commits any of the following acts shall be liable to imprisonment and a fine of not less than Dh10,000 and not more than Dh100,000:
- If they make a claim relating to a fake or sham debt against the debtor.
- If they increasesthe debts to the debtor illegally.
- If they vote in any meetings on decisions relating to the settlement of financial - If, following the court's decision to commence insolvency proceedings and the liquidation of funds, the debtor knowingly concludes an agreement which gives them special advantage to the detriment of other creditors.
Each insolvency debtor shall be punishable by imprisonment for a period not exceeding two years and/or a fine of not less than Dh20,000 and not exceeding Dh60,000, if the insolvency debtoris proved to cause a loss to creditors as a result of one of the following acts:
The UAE issued the Insolvency Law for Natural Persons to address the inability of a debtor (who is not engaged in economic activity and is not a trader) to pay his debts caused by financial distress, to protect the common interests of the creditor and the debtor in a fair manner. pic.twitter.com/6u9vJwTK9D- Spending large sums of money in speculative business that is not required by their usual business, or in the purchase of services, goods or materials for personal or domestic use that are not commensurate with their turbulent financial situation, or they have engaged in gambling, knowing that their creditors may be adversely affected.
- Ministry of Finance (@MOFUAE) November 19, 2019
Team owner Mukesh Kochhar hails 'outstanding’ ladies as he pays tribute to his tried and tested squad of players
sports6 hours ago
Authorities said the decision has been taken keeping the safety of the public in mind
uae6 hours ago
Inflation objective remains distant, US Federal Reserve says
business6 hours ago
Divided into at least three separate areas, the park will be a first-of-its-kind protected area in the emirate
uae6 hours ago
Lidia Stepanivna: She walked without food or water, and fell several times but her 'character' kept her going
europe6 hours ago
Dubai Police said that the emirate is expected to witness weather fluctuations during the coming hours
uae7 hours ago
UN estimates the amount of debris in the Gaza Strip at 37 million tonnes in mid-April, or 300 kilogrammes per square metre
mena7 hours ago
Ports, Customs, and Free Zone Corporation also advised to refrain from sailing unless absolutely necessary
uae7 hours ago