"If you would know the value of money try to
borrow some."- Benjamin Franklin
What is debt?
From the ancient times of the barter system, traces of debts can
be found. This was when people exchanged goods and serviced for
other goods and services. But now there comes an age when there are
no goods or services to be exchanged. In a time like this, what are
the measures that can be adopted in case a party fails to provide
the promised services or goods? This creates a need to recover a
debt. There were various ways of dealing with debts in the ancient
age; from death sentence to slavery, to the right to take the
debtor to court as per the governing laws.
Over the passage of time, the legal process now has become very
regulated. Most of the claims (that are not amicably settled
between the parties) with regards to debt recovery in UAE are
settled through courts. The Courts in the UAE have developed their
system to deal with the various types of money claims.
