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The UAE has a robust legal framework for insolvency and liquidation, which is governed by Federal Law No. 9 of 2016, also known as the Insolvency Law. The law applies to all businesses and individuals operating in the UAE, including foreign companies and individuals. It aims to provide a fair and transparent process for the resolution of insolvency, while protecting the interests of creditors, employees, and other stakeholders.

Under the Insolvency Law, insolvency is defined as the inability of a debtor to meet its financial obligations as they fall due. The law provides for several options for the resolution of insolvency, including restructuring, rehabilitation, and liquidation.

Liquidation is the process of winding up the affairs of an insolvent company and distributing its assets to its creditors. The liquidation process is typically initiated by the company's creditors or the court. The liquidator appointed to manage the process will sell the company's assets and distribute the proceeds to creditors in accordance with their priority as specified by the law.

The Insolvency Law provides for the appointment of an administrator, who is responsible for managing the insolvent company during the restructuring or rehabilitation process. The administrator will work to negotiate a restructuring plan with creditors and other stakeholders, with the goal of restoring the company to financial stability.

It's important to note that the Insolvency Law provides for a stay on legal proceedings against an insolvent company during the restructuring or rehabilitation process. This stay helps to protect the company from further financial strain and provides it with the time and breathing room it needs to reorganize its finances and operations.

Insolvency and liquidation can be a difficult and stressful experience for individuals and businesses alike. If you're facing financial difficulties and need assistance with insolvency or liquidation, it's important to seek the advice of experienced legal professionals who can guide you through the process and ensure that your rights and interests are protected.

Representation

We are a leading law firm in the UAE, specializing in providing comprehensive legal services to businesses and individuals in need of assistance with insolvency and liquidation. With years of experience and a team of highly skilled and knowledgeable lawyers, we are well equipped to help our clients in insolvency and liquidation matters. We advise clients on administration, insolvency, liquidation procedures, restructuring, debt rescheduling, debt purchases, debt recovery, and asset sales.

Our team of lawyers has extensive experience in dealing with a variety of industries, including construction, real estate, energy, and more. We understand the unique challenges faced by businesses in these industries, and we are committed to providing our clients with the tailored legal support they need to overcome these challenges.

We believe in providing our clients with clear, straightforward advice and guidance, and we always take a practical and solution-focused approach to every case we handle. Our goal is to help our clients achieve their objectives as efficiently and effectively as possible.

Services

We offer a full range of insolvency and liquidation services, including:

• Advising on the best course of action for insolvency and liquidation
• Assisting with the preparation and filing of all necessary documentation and agreements
• Representing clients in court proceedings
• Assisting with the appointment of liquidators and administrators
• Advising on the sale of assets and the distribution of proceeds

Contact Us

At Prestige, we understand the importance of timely and effective communication, and we always keep our clients informed and updated throughout the insolvency and liquidation process. We believe in building long-lasting relationships with our clients, and we strive to be their trusted legal partner for years to come.

If you are in need of legal support for insolvency and liquidation, we would be honored to assist you. Contact us today to schedule a consultation with one of our experienced lawyers.