Bankruptcy is the process whereby companies seek relief from their debts because they are unable to pay them. Bankruptcy legal advisors can provide comprehensive advice regarding the process, so that they are well informed before going through with it. UAE Bankruptcy Law governs all company insolvency cases and is formulated based on the insolvency law from several jurisdictions. Bankruptcy lawyers can help companies facing financial difficulties, decide whether to opt for preventative composition or undergo the formal bankruptcy process. The Law sets forth cash flow and balance sheet tests to determine the criteria based on which a company is considered insolvent. If a company fails to pass this test, they can opt for preventative composition; however, if a company passes this test, it must initiate the formal bankruptcy process. A company’s debtor must file for bankruptcy with the local courts within thirty days of becoming insolvent.

We work with the best bankruptcy lawyers in Dubai who can review your company status and guide you regarding the options available to you. In case you decide to move forward, we can provide a comprehensive plan of action and assist you through the entire bankruptcy process.

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