Insight Category: News
Following the events of 2020, real estate project developers have faced increased hardship in completing projects, which often led to the cancellation and liquidation of such projects. Acknowledging the considerable losses suffered by all parties involved upon the liquidation of a project, the Emirate of Dubai has sought to develop an alternative method to address… Continue reading The real estate takeover system and its implications on the rights and obligations of real estate developers and investors...
Cheques are widely used in UAE as a form of immediate or adjourned payment and are governed by specific legal provisions under Federal Decree-Law No. 50 of 2022 “the Commercial Transaction Law”. According to the provisions of Article 667 of said Federal Decree-Law, when a cheque is bounced by the bank for insufficient funds it… Continue reading Potential Objection(s) against Bounced Cheque(s) considered Executive Bond(s): Grounds for Cancellation...
In the modern era, new technological designs and innovations have been used to improve the quality of human life. Life has become increasingly diverse with various modern tools, which are now considered indispensable, such as computers and smartphones. However, despite their importance, these tools can expose you to risks and legal accountability if misused. Therefore,… Continue reading Legal Risks of Photography and Technology Use: Navigating Privacy Laws Under Federal Decree-Law No. 34 of 2021...
This article was originally published on the Banking & Finance Law Committee webpage of the International Bar Association. The United Arab Emirates (UAE) continues to hold its position as the leader in fintech in the Middle East. This position is maintained with the help of supportive governmental policies and, most importantly, by the implementation of… Continue reading Fintech: how is the world shaping the financial innovation industry? (2024)...
This article was originally published on the Finance Middle East. In the UAE, borrowers who obtain financing from banks or licensed financial institutions or guarantors in rem may grant the lender security over their real estate as collateral for the financing provided. This creates a mortgage contract between the lender (mortgagee) and borrower or the… Continue reading The Process of Selling a Mortgaged Property through a Court-Supervised Auction in Dubai...
[Guidelines on calculating interest in banking and finance disputes and requirements of ‘adequate securities’ under amendments of Banking Law] This article was originally published by the Finance Middle East. On 26 September 2022, the UAE legislator issued Federal Decree-Law No. 23 of 2022, amending certain provisions of Federal Decree-Law No. 14 of 2018 concerning the Central… Continue reading UAE Banking Law amendments strengthen consumer protection, collateral requirements...
Introduction Until recently, the United Arab Emirates’ (UAE) bankruptcy regime was controlled by limited provisions in the now abrogated Federal Law No. 18/1993 Issuing the Commercial Transactions Law. In 2016, the bankruptcy regime was subsequently reformed through the introduction of more comprehensive legislation pursuant to Federal Decree-Law No. 9/2016 On Bankruptcy, however, as the UAE… Continue reading Navigating the New UAE Bankruptcy Law: Key Insights and Implications for Businesses...
The Dubai Court of Cassation No 120 of 2024 (Commercial) has shed light on the applicable limitation period for contractual breaches, following the introduction of the new UAE Commercial Transactions Law No 50 of 2022 (the “22 CTL”)which came into effect in January 2023 and introduced shorter limitation periods compared to the previous UAE Commercial… Continue reading Limitation period to be applied will be the shorter of the periods prescribed between the old Commercial Transactions law and the new Commercial Transactions law...
In a recent judgment, the Dubai Court of Cassation sheds some light on the intersection between time bars for civil and criminal claims. In this case, the Claimant, a major construction Public Joint Stock Company, issued proceedings against the First Defendant, who was the Claimant’s Chief Executive Officer between 2008 and 2016 and another party.… Continue reading Time bar for an action arising from a harmful act is suspended for as long as the time bar for criminal case arising from such act has not lapsed...
BSA Ahmad Bin Hezeem & Associates LLP is thrilled to announce it has rebranded as BSA LAW effective immediately. This strategic change marks a significant milestone in the firm’s journey, reflecting its commitment to evolving with the dynamic legal landscape and reinforcing its position as a leading legal service provider. The rebrand encompasses a comprehensive… Continue reading BSA LAW has Launched...