Persons not qualified to act as Trustee under Bankruptcy
Trustees shall not be any of the following persons: A creditor of the A spouse, in-law or kin up to the fourth degree of the Any person against whom a final judgment is issued for a criminal offence, or for a misdemeanor of theft, embezzlement, deceit in commercial...
read moreDismissal of the application of debtors for Protective Composition
The Court shall dismiss the application for Protective Composition in the following cases: If the Debtor is already subject to Protective Composition, restructuring, bankruptcy or liquidation of the Debtor’s Assets in the State in accordance with the provisions of...
read moreAppointment of expert by court for Bankruptcy application
Upon acceptance of application of debtors by the Court, the Debtor shall deposit a sum of money or a bank guarantee with the Court’s treasury in the manner and by a date as determined by the Court, to cover the costs and expenses of the Protective Composition...
read moreApplication of protective composition with the court by debtors
The application for Protective Composition filed with the Court by debtors shall set out the reasons for the application, and be accompanied by the following documents: Memorandum including a brief summary of the economic and financial position of the Debtor together...
read moreAuthority of committee under the Bankruptcy Law
The Committee shall have the following authority: To supervise the administration of the financial reorganisation of financial establishments licensed by the Competent Supervisory Authority, in order to facilitate amicable agreements between the Debtor and its...
read moreBankruptcy law applicability in UAE
The provisions of the Bankruptcy Law shall apply to: Companies governed by the Commercial Companies Companies not established under the Commercial Companies Law and which are wholly or partly owned by the federal or local government, and which have enabling...
read moreAdministrative Penalties for Violations of Tax Laws in the UAE
Table (1): Violations and Administrative Penalties related to the Implementation of the Federal Law No. (7) of 2017 on Tax Procedures Description of Violation Administrative Penalty (AED) 1 The failure of the person conducting Business to keep the required records and...
read moreVAT on sale of business
There are three common ways in which a business can be sold: Sale of asset Sale of business ownership by sale of shares Sale of business as a going concern VAT applicability is different in each of the three mentioned scenarios. 1. Sale of asset: Normally, when...
read moreCabinet Decision No. (10) of 2019 CONCERNING THE IMPLEMENTING REGULATION OF DECREE LAW NO. (20) OF 2018 ON ANTI- MONEY LAUNDERING AND COMBATING THE FINANCING OF TERRORISM AND ILLEGAL ORGANISATIONS
CONCERNING THE IMPLEMENTING REGULATION OF DECREE LAW NO. (20) OF 2018 ON ANTI- MONEY LAUNDERING AND COMBATING THE FINANCING OF TERRORISM AND ILLEGAL ORGANISATIONS The Cabinet, - Pursuant to the perusal of the Constitution; - Federal Law No. (1) of 1972 concerning the...
read moreReturning of Digital Tax Stamp related to excise goods to the FTA
Scenarios when the stamps need to be returned Following scenarios shall require when marks (Digital Tax Stamp) should be returned to the FTA: Where the person becomes aware that he no longer has the intention to use the marks for the purposes of affixing them to...
read more
