DCC 148/2005, 365/2005
Type
Case
Court
Dubai Court of Cassation
Jurisdiction
Dubai, United Arab Emirates
Taxonomy
Civil Evidence, Share Schemes, General Commercial Law, Limited Liability Partnership Accounts, General Succession Law & Estate Planning
Copyright
LexisNexis
Decision date
30 Jan 2006
Catchwords
Personal Company – Shares – Inheritance – Trustee – Liability – Commercial – Expert – Evidence
This case involved the liability of heirs for the liabilities of what had been a limited company but prior to the death of the previous owner all the shares had transferred into his hands. The case also looked at the status of an expert report where notification procedures had not been followed by the expert
Key Legal Questions
- What are the rules governing the transformation of a company's status by its sale or otherwise, if it is transformed into another form or status?
- What are the consequences of limitation, by events, if all a company's shareholding capacity is in the hands of one partner only?
- Does an heir (or purchaser) of a personal company inherit its liabilities too?
- What are the rules governing the inheritance of a personal company's liability?
Background Facts
The Plaintiff, a bank, brought forward proceedings against a deceased former owner of a personal company's estate.