Media Company Owner vs. Multiple Creditors
Claim Type – Debt Collection, Civil & Criminal Liability
Jurisdiction – UAE, Dubai & Abu Dhabi

CHALLENGE

Due to unanticipated external factors and the 2008 economic crisis, a media entrepreneur with a thriving business in the UAE faced many difficulties with cash flow and outstanding receivables. As a result, he left the country and shut down the business.

He intended to establish a business in Dubai and operate throughout the GCC. Based on previous dealings and related debt instruments, banks and other business players were expected to obtain default judgments and other coercive measures against him.

By utilizing Practiclaim, the claimholder avoided having to obtain information from various sources and negotiating engagement terms with specialized law firms.

PRACTICLAIM SOLUTION

A free initial Claim Pre-Assessment note was issued by the claim manager highlighting the projected milestones, priority actions, and new legislative schemes that could lift any criminal liability regarding pending debts. After parallel negotiations with boutique litigation firms, Practiclaim engaged an entrepreneurial firm within the preferred network.

Due diligence on the Claimholder was performed – for no legal fee at this stage – in order to obtain a final settlement, with the total fee conditional on debt reduction.

EFFECT

Based on actionable information, the Claimholder was appropriately advised on a clear path, selecting the right legal team for a satisfactory resolution, and most importantly, ensuring alignment of interests between all claim stakeholders regarding the legal fee.

In short, with almost no internal resources and time incurred by the Claimholder, the settlement prospects were optimized, releasing the claimholder from his liabilities and lifting all coercive measures, along with restoring his mobility to conduct business again.

© 2022 Practiclaim | Prior results do not guarantee a similar outcome.