There are cases when the person is not eligible to be a trader and then is under insolvency. Under it, the person is no longer able to clear all his bills and debts and ultimately goes bankrupt. Debt collection Dubai agencies can help you here with their expertise, skills, and knowledge.
- Settling One’s Debt
The debtor is ought to attend the court sessions under this law. Moreover, he may request the authorities to give him some time to settle the financial matters. However, this deal is to be made with the creditors amicably and if they agree you can get time.
- Required Documents
The next step is to fulfill the documentation in case the debtor is agreed upon accepting the application. In these documents, all the details of the agreement made with the creditor is included. Other information such as address, phone number, office, etc. are also required as per debt collection Dubai agencies.
- The Job of the Appointed Expert
Then the legal expert handling the matter creates a workable plan for the debtor to pay the amount. It is important to note that the copies of that plan are sent to the creditor as well. Also, they are sent to the court within 22 days.
Then the legal expert arranges the meetings between the debtor and the creditor for the 10 working days. However, the time as well as the place is decided by the expert and not the parties. In this, the aim of the expert is to solve the matter.
Revisions are made in case the creditor or the debtor is not happy with any of the demands made by the opposite parties. The expert then informs the court about the changes. However, the changes in the plan are not accepted if the court disagrees to do so.
Therefore, if you want to recover your debts under this law, it is better to seek legal help. Debt collection Dubai agencies can help you here. They are available in Ajman, Fujairah, and Abu Dhabi too.