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Press releases and law firm thought leadership

This page is dedicated to keeping readers informed of the latest news and thought leadership articles from law firms across the globe.

If your firm wishes to publish press releases or articles, please contact Shehab Khurshid on +44 (0) 207 396 5689 or shehab.khurshid@legalease.co.uk

 

Legal Developments Worldwide

Articles contributed by Fichte & Co Legal Consultancy

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Get 100% Foreign Ownership Today in Dubai

November 2018 - Corporate & Commercial. Legal Developments by Fichte & Co Legal Consultancy.

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Freezones have always been the topic of discussion in the U.A.E. Amongst the various benefits, 100% foreign ownership is one of the advantages which is enjoyed the most by investors in these freezone companies. In the below article, our Company Setup Specialist, Neelesh Pillai talks about everything that you need to know about setting up a Freezone branch in Mainland.

Overview of the Bankruptcy Proceedings and Preventive Measures in the UAE

November 2018 - Litigation & Dispute Resolution. Legal Developments by Fichte & Co Legal Consultancy.

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Before the approval of the UAE Federal Decree Law No. 9 of 2016 (the “Bankruptcy Law”) by the UAE Cabinet on 4 September 2016, the bankruptcy proceedings were regulated under the Commercial Code and were limited to court-driven proceeding addressed to liquidate companies rather than assist in restructuring their debts. This new law puts some light on the regulation on how companies should deal with their financial issues. In below article, our Associate from the Dispute Resolution department, Ahmed Salih talks about the bankruptcy proceedings and the preventive measures in the UAE. With over 10 years of experience in the UAE and Sudan, Litigator Ahmed Salih specializes in Commercial Law, Corporate Law, Civil Claims, Labour Disputes, Shari'a Law, personal status cases, Real Estate Claims, and Bankruptcy.

Time-bars, time limits and deadlines for legal cases under UAE law

November 2018 - Litigation & Dispute Resolution. Legal Developments by Fichte & Co Legal Consultancy.

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Under UAE civil law – like in other civil law systems – not all time-bars are mentioned and dealt with in one particular statue. Our Partner, Alessandro Tricoli, and Senior Associate, Shehab Mamdouh explains the different time bars, time limits and deadlines for legal cases under UAE law.

Seven Things to Know About Filing a Bankruptcy Petition in the UAE

November 2018 - Corporate & Commercial. Legal Developments by Fichte & Co Legal Consultancy.

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The absence of a legal framework for bankruptcy has long been a hindrance to UAE business. In the absence of proper bankruptcy laws, even a bounced cheque could land an entrepreneur in jail. The implementation of the relatively new bankruptcy law in the UAE is a huge step forward in improving the country’s economic and regulatory environment.

UAE Shipping Companies Seek VAT Exemption

November 2018 - Litigation & Dispute Resolution. Legal Developments by Fichte & Co Legal Consultancy.

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The UAE has climbed to sixth place in 2017 from seventh in 2015 on the list of the future leading maritime capitals.

The UAE maritime industry is seeking exemption from the value-added tax as industry falters.

Maritime Executives in the United Arab Emirates are lobbying the government to reduce new value-added tax obligations, saying they threaten their slim profit margin and could cause companies to move elsewhere.

The industry leaders also stated that tax endangers industry struggling with narrow margins.

In a recent article in Bloomberg BNA, our Managing Partner, Jasamin Fichte highlighted some of the latest concerns and their possible solutions such as –

  • What effect has the introduction of VAT had on the UAE maritime industry?
  • Should the industry be exempted or zero-rated? If so, what services/supplies should that apply to?
  • What is the likelihood that the UAE government would agree to exempt/zero-rate the industry?

To read the full article, click here.

Digital Directions

November 2018 - TMT ( Technology, Media & Telecoms). Legal Developments by Fichte & Co Legal Consultancy.

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Digital assets are the foundation of the new economy, and the developments of it continue to hit the headlines regularly. Our Partner & Head of Commercial & Technology, Irina Heaver explains different regulations depending on the nature of the specific assets.  This article was also published in LexisNexis - Middle East. 

All You Need to Know About Debt Recovery Procedures in the UAE

November 2018 - Litigation & Dispute Resolution. Legal Developments by Fichte & Co Legal Consultancy.

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According to the 2018 Global Ranking on Debt Collection, UAE is one of the most challenging places in the world for recovering the debt. With this in mind, keeping an eye on your cash-flow and expenditures are more vital than ever! Fichte & Co.’s dedicated Corporate and Litigation teams provide specialized commercial advice both for creditors and debtors and offer a tailor-made solution, including methods of recovery involving both judicial and quasi-judicial proceedings. Our debt recovery services minimize the time and expenditure involved in the pursuit of defaulting companies or individuals by applying a “No Cure – No Pay” policy. In the below article, our Associate & Litigator, Moaz Mustafa explains the debt recovery process, the court procedures and the time limitation in the UAE.

Examining FIDIC Construction Contracts: Part 1 – The Dispute Adjudication Board

November 2018 - Litigation & Dispute Resolution. Legal Developments by Fichte & Co Legal Consultancy.

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It is usual for construction and infrastructure projects in the UAE to be procured under FIDIC-based construction contracts, with varying degrees of amendment. Although FIDIC- Fédération Internationale Des Ingénieurs-Conseils (International Federation of Consulting Engineers) contracts are generic and internationally recognized standard form construction contracts, they require amendment for use in the UAE market. In the below article, our Litigator, Mahmoud Ahmed talks about few terms & conditions of this most popular and widely used FIDIC contract.

Endofa could be stuck with million dollar claim in Dubai

November 2018 - Corporate & Commercial. Legal Developments by Fichte & Co Legal Consultancy.

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A claim of close to USD 1 million against Endofa in Dubai is not likely to go away even though the bunker company is now closing its company in the desert state, says a local lawyer specialized in shipping. The claim stems from a failed oil transaction in Africa.

Executive Summary of EU GDPR: 10 Action Points for Compliance

November 2018 - TMT ( Technology, Media & Telecoms). Legal Developments by Fichte & Co Legal Consultancy.

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The General Data Protection Regulation (GDPR) has been all over the news recently, and concerns all European Citizens whether based in Europe or not. As the GDPR day fast approaches this Friday, May 25th, all companies of all sizes will have to make sure they are ready for the new regulations.   Personal data deserves respect and companies should make sure the data cannot be shared or used without the express permission of their customers. If you are still struggling to understand how to comply with this new regulation, here is all you need to know about GDPR. 

UPDATE: FTA Clarifies the VAT Treatment of Compensation Payments

November 2018 - Corporate & Commercial. Legal Developments by Fichte & Co Legal Consultancy.

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The Federal Tax Authority (FTA) has recently published a clarification on VAT treatment of compensation type payments. Our Associate, Sarra Alsamarrai summarized the examples of situations where the compensation payments may or may not give rise to a "supply" for a taxable purpose.

8 Essential Issues to Consider Before Signing your Sale and Purchase Agreement – Dubai Property La

November 2018 - Real Estate & Property. Legal Developments by Fichte & Co Legal Consultancy.

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In the Dubai real estate market, whether you are a buyer or a seller, navigating the whole process may seem like a daunting task. But a proper checklist can help you ensure a smooth entry into the property market. Our Associate, Sarra Alsamarrai in the below article, highlighted the top eight considerations purchasers need to focus on before signing the agreements.

UPDATE: New Foreign Direct Investments Law

November 2018 - Corporate & Commercial. Legal Developments by Fichte & Co Legal Consultancy.

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The game-changing UAE investment law, which is expected to change nation's business landscape by attracting increased foreign direct investments, has come into effect. In the below article, our Associate Sarra Alsamarrai highlighted the main provisions of the FDI Law as it currently stands.

Update: Ministerial Decision for Part-Time Contract Workers in the UAE

November 2018 - Employment. Legal Developments by Fichte & Co Legal Consultancy.

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 Part-time jobs are still a subject of doubt for many UAE residents. Our Associate, Sarra Alsamarrai highlighted some of the key considerations of the Ministerial Resolution which allows part-time work in the UAE to be conducted without the approval of an employee’s sponsor. Click on the link below to read the full article.

Demystifying The Financial Regulatory Landscape In The UAE

November 2018 - Finance. Legal Developments by Fichte & Co Legal Consultancy.

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Navigating the financial regulatory landscape of a country can be daunting. The myriad of regulators and regulations can make you feel stuck in a grey area – not a comfortable place for someone who wants black and white. Our Associate, Priyasha Corrie answered some of the most commonly asked questions of the financial regulatory system in the UAE.

All You Need to Know About Debt Recovery Procedures in the UAE

October 2018 - Litigation & Dispute Resolution. Legal Developments by Fichte & Co Legal Consultancy.

More articles by this firm.

According to the 2018 Global Ranking on Debt Collection, UAE is one of the most challenging places in the world for recovering the debt. With this in mind, keeping an eye on your cash-flow and expenditures are more vital than ever! Fichte & Co.’s dedicated Corporate and Litigation teams provide specialized commercial advice both for creditors and debtors and offer a tailor-made solution, including methods of recovery involving both judicial and quasi-judicial proceedings. Our debt recovery services minimize the time and expenditure involved in the pursuit of defaulting companies or individuals by applying a “No Cure – No Pay” policy. In the below article, our Associate & Litigator, Moaz Mustafa explains the debt recovery process, the court procedures and the time limitation in the UAE.

8 Essential Issues to Consider Before Signing your Sale and Purchase Agreement – Dubai Property La

October 2018 - Real Estate & Property. Legal Developments by Fichte & Co Legal Consultancy.

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Purchasing off-plan property has become the new norm, with affordable prices and the increase in incentives being offered, purchasers are quick to jump on the bandwagon. The Dubai Law No. (8) of 2007 On the Matter of Escrow Accounts for Real Estate Development (“Escrow Law”) was issued for the purposes of safeguarding purchaser’s money after the housing crisis. Although there are hefty penalties for developers who breach the Escrow Law, there are no guarantees for project completion, or full security of a purchaser’s money placed in the escrow account. Dubai Law no. 19/2017 was further issued amending certain articles of Dubai Law no. 13/2008 on the Interim Real Estate Register in the Emirate of Dubai (“Real Estate Register Law”), which offered increased protection to developers. Developers can now file a complaint to the Dubai Land Department (DLD) of a purchaser’s non-compliance with their contractual obligations. The DLD will then notify the purchaser, and if need be, attempt to reach a settlement between the developer and the purchaser. This amendment introduced greater certainty in the procedures carried out by the DLD to enforce the developer’s rights.

Overview of the Bankruptcy Proceedings and Preventive Measures in the UAE

October 2018 - Litigation & Dispute Resolution. Legal Developments by Fichte & Co Legal Consultancy.

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Definition of bankruptcy:

Legally speaking, bankruptcy is an expression used to describe a legal status in which a natural (individual) or legal (company) person owes a sum of money to third parties and ceases to pay its debts when they fall due because of its troubled financial position and insolvency.

A 10-Point Guide on Antitrust and Competition Law in the UAE

October 2018 - Corporate & Commercial. Legal Developments by Fichte & Co Legal Consultancy.

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Until the issue of the Federal Law No. 4 of 2012 on the Regulation of Competition, the United Arab Emirates (UAE) lacked a composite law on competition, with elements of competition law strewn over various legislations. In 2013, the said law came into force, aiming to curb anti-competitive practices and regulate economic concentrations.

UPDATE: FTA Clarifies the VAT Treatment of Compensation Payments

October 2018 - Corporate & Commercial. Legal Developments by Fichte & Co Legal Consultancy.

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The Federal Tax Authority (FTA) has recently published a clarification on VAT treatment of compensation type payments, such as payments to settle disputes, and other contractually agreed compensation. Where a payment or fee is not a consideration for a supply, there is no VAT due. Often times, there are penalty clauses or liquidated damages clauses in a contractual agreement between two parties, and when triggered, it is unclear whether this is considered as a supply for VAT purposes.

MLC 2006-WHAT DOES IT MEAN FOR THE SHIPOWNER AND THE COMMON SEAFARER?

February 2013 - Shipping. Legal Developments by Fichte & Co Legal Consultancy.

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On 7 February 2006, the ILO, a United Nations agency, established the Maritime Labour Convention (MLC 2006). According to the convention, all commercial ships over 500 GT trading internationally will require a Maritime Labour Certificate and a Declaration of Maritime Labour Compliance. The convention will also apply to ships below 500 GT or those operating on domestic trades (within the flag’s territorial waters) but will not require certification, only inspection.

MLC 2006 - Update

January 2013 - Shipping. Legal Developments by Fichte & Co Legal Consultancy.

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This article on the MLC 2006 is to provide you with an update and developments regarding the convention. An estimated 90% of world trade is carried on ships and seafarers are essential and integral part of international trade and the international economic and trade system in general.