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Top Reasons Why You Need an Insolvency Lawyer in UAE

If you’re considering undergoing the process of insolvency or bankruptcy, then you need to hire an experienced insolvency lawyer in UAE to guide you through the whole procedure. Insolvency laws in the UAE are incredibly complex, and they change constantly. Lawyers will ensure that your business is in full compliance with relevant regulations. 

Although you may be appointed with an insolvency lawyer by a judge, waiting until this happens is usually an expensive mistake. It’s always best to talk to an insolvency lawyer in UAE first before you make any decision regarding your situation. In this article, we’ve compiled all the best reasons why you need an insolvency lawyer in UAE

Eliminate Debt 

Hiring an insolvency lawyer even before you are made to undergo mandatory liquidation in UAE can help in successfully eliminate debt. Reports have shown that businesses that don’t consult with experts have lower success in getting out of debt in comparison to the ones who are enjoying the high success rate from being backed by an experienced insolvency lawyer in UAE. Debtors that are represented and advised by lawyers are more likely to be able to reach successful outcomes compared to businesses that don’t get expert help. 

A bankruptcy or insolvency lawyer in UAE can help with the elimination of eligible debts. The expert, if you hire one that’s seasoned and competent, will know the debts that can be discharged. You will also know the kinds of solutions which can be used in discharging your debt. To give you an example, lawyers are able to identify and eliminate liabilities beyond the statute of limitations in terms of collections. There is a high probability for you to save money through the discharging of obligations whether partially or fully.

Make Informed Decisions

An insolvency lawyer in UAE can help you make an informed decision on whether you should liquidate your business or not. It’s essential that you understand and carefully evaluate all your choices which are available to you. This is especially true when you are facing an overwhelming amount of debt. Although it can seem like company liquidation in UAE is your one and only choice, an insolvency lawyer in UAE can present you with more solutions to manage your debt even not declaring officially that you are insolvent.

What happens most of the time is that businesses don’t know whether liquidating their assets is the best option for their situation. With an insolvency lawyer in UAE, your financial records will be reviewed thoroughly. You will also receive comprehensive explanations regarding your situation and options. A lawyer specializing in company liquidation and insolvency cases can help in identifying the best solution to your current situation aside from guiding you throughout the entire procedure. 

 Expert Guidance in Handling Paperwork 

Experience, as you may already know, is incredibly crucial to success. Are you fully aware of the country’s bankruptcy code? Do you know relevant insolvency and liquidation regulations in UAE? Are you aware of the kinds of properties that are exempt from bankruptcy? The process of company liquidation requires expertise and knowledge of the local legislation. Experienced insolvency lawyers have already worked on tens of thousands of cases that are similar to yours. They already understand all of the intricate details which are part of the process. Bankruptcy lawyers aren’t just experts on laws, they also understand courtroom procedures, filing timeframes, and the entire bankruptcy filing process. 

As you are getting the assistance of a legal team, you won’t have to be handling your own paperwork. Company liquidation requires timely submission of accurate and detailed documents. It’s absolutely essential that you have sufficient supporting documentation and precise information. While most of the information is going to come from you, the legal team will help you in completing and gathering the paperwork. You will get legal advice regarding the valuation of assets and declaration of income and expenses. 

Insolvency Law: What Debtors can Do to Settle Outstanding Debt

Save a Considerable Amount of Time 

Hiring an insolvency lawyer in the UAE will save you a lot of time. Countless hours will be saved as there is no longer the need for you to spend even a second on reviewing and researching bankruptcy information. You also won’t have to review your books and previous transactions. In some cases, insolvency lawyers in UAE are able to identify some shortcuts to the process. They are able to smoothen out the liquidation’s schedule process. 

Seasoned Company Liquidators in UAE 

At HHS Lawyers, our team of bankruptcy and insolvency lawyers can guide you in the complicated process of liquidating a company in UAE. We have lawyers and legal consultants in UAE that can keep you informed and protected at every stage. We know going through insolvency and liquidation can be very stressful. Call us now so we can determine how best we can help you! 

Hassan Humaid Al Suwaidi., LL.B. is a Senior Partner in HHS Lawyers. He has 20 years of experience dealing with high-value and complex cases. Frequently featured in local and international legal directories and commended for his ability to attain favorable outcomes for clients, Hassan has been involved in some of the largest legal settlements. A major part of his work is providing expert legal advice on UAE legislation and acting for individuals and businesses during disputes and litigation. Read more