Foreign Debt

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To Whom it may concern,

I am a Canadian citizen and have returned to Canada after leaving UAE due to the financial condition of the company which I had formed as an LLC entitiy.

I have liabilities in the UAE with Banks, Raw Material suppliers and this can’t be paid back due to bankruptcy.

I would like to know can I file bankruptcy in Canada for the liabilities and losses I have incurred in the UAE

As there is no bankruptcy protection act in the UAE.

Look forward to your kind reply and direction.

AT

 

 

 

 

Category: asked November 8, 2018

1 Answer

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It appears that you can file a bankruptcy in the UAE. See these two articles:

Financial Times: UAE bankruptcy no longer leads straight to prison: https://www.ft.com/content/050720c0-e248-11e6-9645-c9357a75844a

What you need to know about the UAE bankruptcy law: https://www.thenational.ae/business/q-a-what-you-need-to-know-about-the-uae-bankruptcy-law-1.184909

There would be no point in you filing bankruptcy in Canada since your debts are in the UAE.