Loans, rental payments, invoices, or cheques can be subject to debt collection in Dubai. We remind that any financial obligation made to a company in Dubai needs to be respected in accordance. Our Dubai lawyer is at your disposal if your company needs to recover credits or any related financial obligations. You can receive guidance for varied issues related to the process.
Judicial proceedings in debt collection in Dubai
If an amicable agreement cannot be reached you can also file a petition with a Dubai court in order to recover any outstanding debt. The first step of the procedure consists in the Dubai court notifying the debtor through a registered demand letter which requires them to pay the amount and the late payment fees within 15 days. If the debtor does not pay, our lawyers will prepare all the documents, the court memo to file a civil case before Dubai Court. They will submit all the supportive documents, emails & correspondence that prove that you are entitled for the outstanding amount. our attorneys will pursue many hearings and take the necessary actions to protect your interest until they will collect an enforceable form and filing execution before the court to recover your money.
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Paying debt before a legal execution
It is definitely unpleasant to deal with the debt collection procedures in case of unpaid bills or contracts. Our debt collection agents in Dubai are here to offer the possibility of paying the debts in a rapid and advantageous manner, in order to skip the formalities related to an execution in the court of law. Each case is unique and companies or natural persons involved in a debt collection procedure should seek immediate legal assistance and support.
Sale of debts – what you need to know
Particular cases of debt collection might involve the sale of a specific share of the debt to another company called a debt buyer or factor. Such a company can buy debts and account for a certain percentage of the debt value and then pursuing the debtor for the full balance, in agreement with the initial agreement or contract. It is a known fact that in the case of debts sale, the creditor receives direct revenues, although they are reduced compared to the value of the debt. In this situation, the debt buyer or the factor takes or receives the risks of the debt collection. Let our lawyers in Dubai tell you more about the debt collection procedures and about the ways in which companies can recover the payments.
Collection practices in Dubai
Debt collection agencies are at the disposal of foreign and local companies that are interested in recovering specific payments. The legislation specifies that agencies can locate debtors by getting in touch with other individuals or companies if it is the case, keeping information about debts in complete confidentiality. In the case of deceased persons, the debt collection might involve the sale of properties or assets, without having to consider that the relatives are the next in line to make such payments. There are also situations of debts abroad that need to be recovered in Dubai. It is important to know that our debt collection specialists in Dubai will contact foreign parties and agencies and agree on the financial recovery methods with no complex formalities.
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FAQ about debt collection
1. When is debt collection needed in Dubai?
Full debt collection services are provided at the time companies want to recover specific payments from partners, clients or other collaborators. Such procedures are normally conducted by a debt collection agency or specialists in this field. Our attorneys in Dubai are at your service if you are interested in the legal recovery methods involving the debt collection.
2. What is the starting point for debt collection?
A debt collection procedure starts with a payment notice, an amicable method followed by a phone call made by our specialists. The procedure is based on an open communication and a complete connection between the debtor and the creditor in Dubai. If companies from abroad are involved, the foreign legislation needs to be observed in such cases.
3. Is debt recovery method a legal procedure in Dubai?
Yes, all the recovery methods are made in accordance with the applicable legislation in the UAE. There are many companies or natural persons interested in the legal advice of a team of lawyers in Dubai who can provide information, instructions and guidelines when a debt collection procedure takes place. Let us remind you that our specialists in debt collection in Dubai are at your service at any time, whether you are a representative of a foreign company or not.
4. Is a debt evaluation made in the first place?
Yes, a debt collection agency in Dubai will, first of all, talk to the creditors and then will make a plan and a strategy to recover the debts. The amicable procedures are in most cases recommended.
5. Can I avoid a lawsuit in a debt recovery case?
Yes, instead of dealing with the proceedings of a debt collection case in the court of law, a debt collection agency will provide information about the amicable procedure in your case. Debt collection procedures are not that complex, especially if both parties involved decide on new terms and payment conditions, with complete legal support offered by our team of attorneys in Dubai.
As it is known, lawsuits take time and money, among other things, therefore, with the complete support from our team of advisors, your company can rapidly recover the payments from clients or partners, under new conditions if are needed. Moreover, there is a limit of 60 days until the case goes in the court of law, in front of the authorities. All the financial obligations of a firm can be effortlessly recuperated if companies decide on the support provided by specialists in this domain, the debt recovery agencies in Dubai. Contact us for more details about the debt collection in Dubai.