Historically, the practice of creating security in the UAE could be distinguished from common law jurisdictions, with no recognition of floating charges or future assets. There was no comprehensive legislation which mandated the registration of security interests against movable assets. This changed with the introduction of the Federal Law No. 20 of 2016, which is …
When and Where? Launched earlier this year, the ChequeScore is an innovative tool of Al Etihad Credit Bureau (AECB), aimed at complementing the initiatives of the UAE Government to decriminalize bounced cheques. As of April 20 2022, the ChequeScore can be accessed on the website of AECB, its features being fully functional. ChequeScore has been …
The Federal Law by Decree No. 26 2020 (“Decree Law”), issued on November 23, 2020, introduced new provisions amending various aspects of the Federal Law No.2 2015 regarding Commercial Companies (“Commercial Companies Law”). The Decree Law did not only abolish the general requirement for Emirati Majority participation but also introduced new and amended provisions for …
Our client approached us to assist him in filing a case against one of the well-known UAE Insurance Companies. The client complained about his insurance company refusing to cover a surgery under the medical insurance policy. The reason brought for the rejection was that the natural condition of the Insured is due to a congenital …
The concept of insurance depends on the participation of a group of persons, whether physical or corporate (the insured), that distribute the risks that may result from specific events. The insureds pay pre-determined contributions to the insurance company (the insurer), which undertakes, accordingly to the policies agreed, the responsibility to pay the insurance amount for …
