DCC 343/1997
Type
Case
Court
Dubai Court of Cassation
Jurisdiction
Dubai, United Arab Emirates
Taxonomy
Judiciary, Payment & Payment Systems, Lending & Security, Financial Institutions, Financial Services & Activities, Bankruptcy
Copyright
LexisNexis
Decision date
28 Mar 1998
Catchwords
Debtor – Payment – Non-interest presumption – Emergency – Ability of the payment – Debt dispute – Bankruptcy month – Court of Cassation – Contested judgment – Expert’s report – Debts – Creditors – Financial turmoil – Suspension – Bankruptcy
The debtor abstention of the payment is deemed a non-interest presumption, unless the abstention ground is deemed an emergency excuse with the ability of the payment the like the debit dispute. The authority of the trial court in the dispute to stop the payment that allows the bankruptcy month and the debit dispute seriousness without any feedback from the Court of Cassation. The contested judgment dismissing the respondent bankruptcy month based on the expert's report which proves his share in the company to pay all its debts, the creditors has put all his property under the supervision of the enforcement judge and the lack of financial turmoil because of the payment cease is reasonable and has a proof in the documents. Suspension of payment in itself is not sufficient to declare bankruptcy. The debtor must in addition be in a bad and disrupted financial position endangering the rights of his creditors.
Pursuant to the perusal of the documents and the hearing of the summary report prepared and read out at the hearing by Judge: ……… and after deliberations.
Whereas the cassation has fulfilled all formal conditions; and