Dispute Resolution Archives - Fichte & Co

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December 22, 2020

Right of Arrest Under UAE Law for Unpaid Bunker Suppliers

Time charterers and demise charterers are usually responsible for supplying the chartered vessel with bunker supplies for the term of the charterparty. Bunker supplies are often supplied on credit terms with a delayed term for payment following the delivery of the bunkers. During difficult market conditions, it is not uncommon for charterers to become insolvent…

Importance of Non-Disclosure Agreements (NDA) for Startups

In the current times, most startups aim at implementing innovative business ideas, new technologies, and, most probably, unicity. Whereas registering, financing, and making a startup work usually imply a plethora of things to complete, one must not oversee the legalities of it. Innovation and the uniqueness of an idea represent, from a legal standpoint, a...

November 24, 2020

Direct Executory Force of Notarized Debts

In the UAE, a debt is directly executable before the UAE Courts where it has been notarized and stamped with a stamp of execution by a notary public. This may be an attractive route for settling debts, for debtors and creditors alike, due to the time and cost-efficient nature of the process. In particular, it...

October 21, 2020

Overview: Enforcement Proceedings of Domestic and Foreign Judgements in the UAE

Introduction In the UAE, the general procedures for the execution and enforcement of domestic and foreign judgements are set out in Federal Law No. 11/1992 and its recent amendments (Cabinet Decision No. 57/2018 and Cabinet Decision No. 33/2020) (together the “Civil Procedure Code”). Enforcement of domestic judgements Enforcement proceedings may be initiated after obtaining a...

October 20, 2020

A Partnership Between Fichte & Co. and Middlesex University Dubai

Since 2016, the partnership between Fichte & Co and Middlesex University Dubai, has focused on establishing a common platform in order to cultivate law students for their transition from academia to the professional industry. The partnership was also sealed by the signing of a Memorandum of Understanding, where both parties committed to a mutually beneficial...

Dubai Court Dismisses Oligarch’s $115 Million Damages Claim Against Ex-wife

A Russian oligarch's claim for $115 million in damages against his former wife, after a superyacht was impounded in Dubai as part of a costly divorce battle, has been dismissed by the emirate's highest court. The 115-meter MV Luna has been held in Dubai since February 2018 while lawyers for oil and gas tycoon Farkhad...

September 27, 2020

NEW UPDATES: Economic Substance Regulations in the UAE

On 10 August 2020, The Cabinet of Ministers Issued Resolution No.57/2020 concerning Economic Substance Regulations (‘’Resolution 57’’). Resolution 57 amends and repeals the Cabinet of Ministers Resolution No. 31/2019, Cabinet Ministers Resolution No. 58/2019, and Cabinet Ministers Resolution No. 7/2020. Furthermore, following the issuance of Resolution 57, H.E the Minister of Finance issued new guidance...

The New Bankruptcy Law – Stepping up to Challenges in a Post-pandemic Economy

Throughout the United Arab Emirates (UAE), a collective frustration existed with insolvencies due to the time-consuming nature and significantly low recovery rates, which stemmed from outmoded insolvency laws under Book 5, Article 645-900 of Federal Law No.18/1993 (the ‘’Commercial Code’’). Under these ambiguous provisions, it was a criminal offense for directors to fail to petition...

September 20, 2020

How to Safely Close Down a Business in Mainland, UAE?

Introduction The two most prevalent routes that have been undertaken for liquidating a company are either ‘voluntary winding up’ specified under the Federal Law No. 2 of 2015 -The Commercial Company law (the “Companies Law”) and the Department of Economic Development setting out formal requirements for operating entities; or via ‘bankruptcy’ regulated by the Federal...

August 30, 2020

RAKEZ is Now Offering 100% Ownership

RAKEZ OFFERS 100% FOREIGN OWNERSHIP IN MAINLAND WITH FDI COMPANY SET-UP In response to the UAE Government’s efforts to provide relief to businesses during the COVID-19 pandemic, a number of free zones have announced major relief packages including fee waivers, rent holidays, and waivers of penalties and also introduced new license packages with a reduced...