DCC 55/2008/1
Type
Case
Court
Dubai Court of Cassation
Jurisdiction
Dubai, United Arab Emirates
Taxonomy
General Company Law & Business Entities, Companies & Corporate Bodies
Copyright
LexisNexis
Decision date
28 Apr 2008
Catchwords
Company – Partnership – Shares – National Owner – Company Register
This case involved a claim by a partner in a company for his unpaid profit share. Key issues included the validity of his share in the business as there was a question that it may reduce the required percentage of ownership by an Emirati partner and the sale of the share had not been registered.
Background
An Appellant filed suit No. 658/2004 before the Dubai Court of First Instance against the Respondent Company requesting the Court appoint an accounting expert to view the Defendant's papers, books, accounts and budgets to indicate its financial position and the financial centres of its partners, including the Plaintiff, in addition to proving the amount of profits actually received by the Plaintiff from the company since the beginning of his partnership and determine the profits owed which he had not collected since 1997 and oblige the Defendant to pay him the amount concluded by the expert and 12% interest per annum from the date of maturity until full payment.