Bankruptcy Services in Dubai, UAE

Bankruptcy is a legal word that refers to a scenario in which a company or individual is unable to make payments to creditors or meet their financial commitments. The bankruptcy filing in Dubai, UAE is a legal procedure in which an individual or a company chooses to declare themselves bankrupt because they are unable to meet their obligations to pay off outstanding debts.

What is Bankruptcy?

Bankruptcy is a legal process in which individuals or businesses who are unable to pay their debts can relieve themselves of financial obligations. Filing for bankruptcy allows debtors to repay some of their creditors, while others may have their entire debt discharged. It is important to note that bankruptcy should only be used as a last resort and not as a way to avoid paying creditors.

• The most common type of consumer bankruptcy filing is Chapter 7, which is often referred to as liquidation bankruptcy. This form of filing involves the debtor's assets being sold off in order to repay creditors. If there are no assets available for sale, then the debt may be discharged without any payment being made at all.
• Chapter 13 bankruptcies are usually referred to as reorganization bankruptcies and involve individuals creating repayment plans that must be approved by the court before they can receive relief from their financial obligations.

Filing Bankruptcy in the UAE

In order to file for bankruptcy, the company must first file a protective compulsion application. Below are the documents to be submitted with the bankruptcy application:

• Memorandum of Association with details of the debtor’s assets and comprehensive statement of debtor’s employees as well.
• Copy of the accounting books of the debtor’s company
• Certificate copy of the commercial license
• You must also submit a report detailing the predicted cash flow, profits, and losses for the next 12 months from the judgment application, in addition to the papers.
• You must also submit a predicted report detailing all outstanding debts from creditors in order to determine the total outstanding responsibility.

The goal of filing bankruptcy with the courts is to protect the debtor's position while simultaneously considering the interests of the creditors. As a result, the information of the debtors' assets is also taken into account, as they may be utilized to settle the debts with creditors.

Following the filing of a bankruptcy petition, the following events are possible:

• Protective Composition Procedure - This option is for companies that are having financial difficulties but are not yet bankrupt. The protective composition needs to be performed within three years of receiving the order.
• Restructuring of the debtor - This option is available to companies that are insolvent but still carry a chance of being rescued. Within three months following the date of the judgement, the debtor and its trustee establish a restructuring plan.
• Declaring bankruptcy and filing liquidation - When a company has exhausted all other options for survival, the court declares bankruptcy and orders the company to go into liquidation.

Why Do You Need Bankruptcy Services in Dubai, UAE?

Declaring bankruptcy is a difficult decision and one that can have long-term consequences. It should not be taken lightly and sometimes it is the only way to get out of a financial crisis. If you are in debt in Dubai, UAE, knowing when to use bankruptcy services can be beneficial for your future prospects.

• Bankruptcy services provide individuals with the legal advice they need to make sure they are taking the right steps toward relieving their debt.
• These professionals understand how complex and overwhelming the process of filing for bankruptcy can be and will work with clients to determine what works best for them.
• They provide personalized advice tailored specifically to each individual’s situation that takes into account all potential options so an informed decision can be made regarding debt relief strategies.

Bankruptcy services in Dubai, UAE

Reyson Badger is one of the best bankruptcy service firms in Dubai, UAE. It was established with the sole purpose of providing clients with comprehensive and reliable debt relief solutions.

• The firm helps individuals struggling with financial difficulties by providing professional advice on debt settlement, bankruptcy proceedings, loan modification applications, and other related topics.
• The team at Reyson Badger consists of experienced professionals who have a thorough understanding of local laws governing bankruptcy procedures in the UAE.
• We provide personalized guidance to each client based on their individual situation and financial goals.

Reyson Badger prides itself on offering top-notch legal services tailored to suit the needs of its clients while strictly adhering to ethical standards as set out by Dubai’s government regulations.

Reyson Badger also offers additional services such as credit counseling, budgeting tips, asset protection planning, and more.

Reyson Badger has a team of experts who handle and provide bankruptcy services in Dubai, UAE. Filing for bankruptcy can be a time-consuming process. As a result, it is critical that your firm hires a facilitator who will assist you in meeting all of the standards that must be met while filing for bankruptcy. Get in touch with us to learn more about bankruptcy services in the UAE.