DCC 82/2007
Type
Case
Court
Dubai Court of Cassation
Jurisdiction
Dubai, United Arab Emirates
Taxonomy
Companies & Corporate Bodies, Types of Contract, General Contract Law, Corporate Transactions & Transfer of Undertakings
Copyright
LexisNexis
Decision date
17 Jun 2007
Catchwords
Limited Liability Company – Contract – Transfer – Promise to Sell
This case involved at what point ownership of a company had transferred when there had been an initial promise to sell contract.
Background
An Appellant filed suit No. 506/2005 against the Respondent requesting the Court appoint an accountancy expert to review records and the subject of a contract between them on 16-6-2004 and to state the profits, amounts and rights due to the Plaintiff for the period from 30-6-2004 to 8-8-2004 with the Defendant's obligation to pay an interest of 12% per annum from the maturity date on 8-8-2005 until full payment. In addition, the Plaintiff requested the Court appoint arbitrators to settle the dispute between the parties subject to the contract of 16-6-2004 and make accounting for the profits, amounts and rights due to the Plaintiff in the patrimony of the Defendant for the period from June 30 to August 8, 2004.