Bankruptcy Proceedings in Oman

Although there is no separate bankruptcy law in Oman, both the Commercial Code of 1990 and the Commercial Companies Law of 1974 provide a framework for the bankruptcy of traders and liquidation of insolvent companies. Under the laws of Oman, bankruptcy of a person must be declared by the Court. Article 579 promulgates that, “Every…

From Generation to Generation

With the Sharia Law, Federal Law, the law of individual Emirates and freezones all coming into play, UAE Inheritance Law can be complicated. Edouard Salwan, Senior Associate contributes to Emirates Law expert panel, and explains its impact on Emiratis, Muslim and non-Muslim expatriates with property and joint ventures in the Emirates. “To understand how succession and inheritance…

Trusts & Firm Foundation

The main goal of any wealth management and succession planning is to preserve the family legacy and family owned and operated businesses. The regulatory framework of succession planning in the UAE includes both civil and Islamic law principles. However, as the DIFC has its own independent jurisdiction within the UAE, it is also empowered to…

Omani Consumer Law: 5 things you might not know

In 2014 Oman promulgated, by Royal Decree No. 66/2014, the new Consumer Protection Law setting out the general requirements for consumer protection and aiming to combat monopolistic behavior towards consumers. Furthermore, in March 2017 the Public Authority for Consumer Protection (hereinafter, the “PACP”) issued Decision No. 77/2017 (hereinafter, the “Regulation”) aimed to supplement the above…

Commentary on the Saudi Arabian Bankruptcy Law

The Saudi Arabian Bankruptcy Law complies with the best international practices and gives Saudi Arabia a legal infrastructure to deal efficiently with companies that get into financial difficulties, paving the way to achieving financial stability while simultaneously benefiting both creditors and debtors.  The article discusses preventative settlement, financial reorganization and restructuring, liquidation process, as well…

Social Media Policies

With the increasing use of social media, employers need policies which provide guidelines and recommendations for their employees when using it. Munir Suboh discusses the recent developments of UAE’s National Media Council and the recent decision it issued, which aim to provide governance measures on: online advertisements, product placement, and commercial activities posted on social…

VAT: Till Slips and TRNS

  After 100 days in effect, people and companies alike seem to be coming to terms with the payment of Value Added Tax (“VAT”). There is one area though where there still seems to be some confusion and that is with Tax Invoices issued by retailers which are more commonly known as “Till Slips”. John…

The Legal 500: 2nd Edition Insurance & Reinsurance Comparative Guide

Michael Kortbawi and Raghad Hammad contribute to the UAE Chapter of  The Legal 500: 2nd Edition Insurance & Reinsurance Comparative Guide. This country-specific Q&A gives a pragmatic overview of the law and practice of insurance & reinsurance law in the United Arab Emirates (UAE). It addresses topics such as contract regulation, licensing, penalties, policyholder protection, alternative dispute resolution as well as personal insight and opinion…