Personal Insolvency Lawyers
Understanding Personal Insolvency in the UAE
Personal insolvency refers to the inability of debtors to pay their debts. In response, the UAE promulgated an Insolvency Law in 2019, setting out a legal regime to deal with people in financial crisis. It protects debtors and creditors through procedures for debt restructuring, composition, or liquidation while trying to maximize recovery for creditors.
What is Personal Insolvency Law in UAE?
Whether you’re struggling in settling debts or you’re owed money, the lawyers and legal consultants of HHS lawyers in Dubai can help you in reaching an amenable resolution. Personal insolvency is when individuals aren’t able to repay debts. It’s a complicated process, involving various areas of law including tax, employment, family, property, and more.
Debt restructuring is done out-of-court and is a negotiating process involving creditors through which debtors reach agreements with creditors in realigning debts in ways that allow borrowers in satisfying their financial obligations. HHS Lawyers has advocates that specialize in personal insolvency and they understand that transactions such as these are urgent and time-sensitive. Our team promptly responds to the issues and concerns of clients as we strive in providing effective and proactive solutions even with a fast-paced setting.
The attorneys at HHS Dubai Lawyers have handled personal insolvency cases for both lenders and borrowers, which provide them valuable insights into the drivers and concerns for both parties.
For Borrowers
When representing borrowers, our main objective is negotiating with creditors in restructuring the terms of debts to meet the realities of borrowers’ financial situations. Uncovering the “reality” is often too difficult for all parties involved, most especially with the economic climate of today. This is why HHS Lawyers strives in thinking outside the box with the process and finding solutions that are palatable for both the borrower and the lender.
If work outs are possible, considering the options that our personal insolvency lawyers provide may lead to a quicker debt settlement and even reduction on the expense and time associated with the process.
For Lenders
When representing lenders, our main objective is maximizing recovery and providing advisory on the best course of action that can result to the highest recovery. HHS Lawyers assesses and reviews the impact of personal insolvency and considers the past dealings of borrowers in achieving the best outcome possible for a lender, looking at both long-term and short-term consequences. A lender that is willing to put new money in or wait a longer term for repayment deserve and ask for certain concessions for allowing a work out for the lenders.
From cash flow/debt problems to collections, the attorneys at HHS Lawyers can find solutions. We’re most effective whenever clients reach out early in the insolvency process. As insolvency specialists who are working in a trusted law firm in UAE, we have the depth and breadth of experience in helping you manage varied insolvency issues. We’re able to advise on the following:
- Negotiating debt repayment agreements with debtors or creditors
- Avoiding insolvency if you are in financial difficulty
- Going through the process of formal or informal debt restructuring, insolvency or administration
- Recovering money that is owed by insolvent individuals
- Dealing with investigations of local authorities
- Resolving disputes
- Clearly understanding asset and liability profiles of debtors
- Guiding with the steps of the resolution process
- Creating a debt management plan
The Role of Personal Insolvency Lawyers
A personal insolvency attorney is a lawyer who has enough knowledge of handling complexities arising in matters related to debt relief. A good attorney will help you through all this by guiding and counseling. This is how:
- Assessment of your current financial affairs: Lawyers assess the current state of your financial affairs to decide on the most appropriate insolvency solution.
- Negotiation on your behalf with creditors: They will certainly act as an intermediary between you and your creditors in delivering communication aimed at negotiating reduced payments or clearing your debts.
- Filing of required documents: The lawyers will prepare and file with the competent authority all the documents from time to time.
- Representation in Court: In case there is any hearing regarding your bankruptcy case in the court of law, they will represent you.
- Repayment Plan: They help in coming up with some workable, feasible repayment plan that balances your financial capacity and the demands of your creditors.
Benefits of Hiring a Personal Insolvency Lawyer
- Expertise: Insolvency lawyers are very knowledgeable about the legislation and procedures concerning insolvency.
- Time-Saving: They work through the legal complications so that you can get on with rebuilding your finances.
- Less Stress: Handling debt is overwhelming. There is emotional support from lawyers and guidance on how to proceed.
- Higher Chances of Success: Their experience can increase the chances of getting a positive outcome.
Insolvency Advice – Lawyers for Personal Insolvency in UAE
Should you choose our firm to help you with matters related to personal insolvency, you can rest assured knowing that you will receive guidance throughout the entire process. As soon as we determine the debt relief solution that is right for your specific situation, our lawyers and legal consultants will begin preparing the required documents on your behalf. Law firms often pass cases to paralegals, but you will work with our attorneys directly at HHS Lawyers.
Every single case is important for us, so we make sure they are handled with utmost compassion and care. Our mission is delivering exceptional services to our clients regardless of the situation. We understand the decision in hiring attorneys specializing in personal insolvency come right after a time that’s filled with anguish and stress. Always reliable and caring, our lawyers will lend a helping hand in order for you to start working towards a more stable and healthier financial future.
At HHS Lawyers, we tailor solutions that suit the different needs of clients. There’s no one-size-fits-all type of solution to financial problems. Regardless of the size of the debt or how impossible a problem seems to be fixed, our lawyers will work incessantly in order to find the outcome that’s best. Our lawyers that specialize in personal insolvency in UAE have significant experience and expertise in resolving debt problems in UAE.
Insolvency is a very time-sensitive matter for both creditors and debtors. The longer debtors leave the repayment of debt, the more punitive the restrictions they face. This is why creditors have to act swiftly in order for them to recover money owed by insolvent debtors. Regardless of whether you are the lender or borrower, it is vital to secure qualified legal advisory and representation to make sure you receive the best outcome possible.
Contact us today if you want to learn more about the ways our insolvency lawyers in UAE can help you
