Dubai, UAE: Businesses in the UAE should be fully aware of the legal considerations with respect to the recovery of payments as more companies face debt issues due to the ongoing Covid-19 situation, according to legal experts who spoke at a recent webinar hosted by Dubai Chamber of Commerce and Industry.
The webinar, entitled COVID 19 & Business Debts, was organised in cooperation with The Oath Magazine - The Middle East Law Journal for Corporates and Galadari Advocates & Legal Consultants and attended by 398 participants representing businesses operating in a wide range of economic sectors and fields.
The webinar was led by Abdulla Galadari, Lawyer, Galadari Advocates & Legal Consultants; and Manish Narayan, Partner, Galadari Advocates & Legal Consultants. The speakers advised participants on implementing pre-action steps and due diligence measures on debtors, rescheduling payments and planning for additional securities.
The webinar highlighted strategies for recovering outstanding debt and various steps that companies should take before, during and after settlement negotiations.
Jehad Kazim, Director of Legal Services Department at Dubai Chamber, said the webinar offered guidance and clarity at a time when businesses worldwide are facing unprecedented challenges related to liquidity and cash flow as they deal with the impact of Covid-19. Such issues, Kazim explained, have led to late payments and payments defaults, which can result in long-term financial and legal consequences for businesses, unless such matters are dealt with effectively and efficiently.
She noted that participants benefitted from the webinar as they posed their questions directly to the experts and learned about practical steps and solutions addressing common debt-related challenges, adding that Dubai Chamber would continue to organise webinars tackling pressing and timely issues faced by companies as they navigate a fast-changing business landscape and prepare for the post-Covid era.
“Covid-19 has impacted every possible sphere of activity, as a result legal risk management, business continuity and debt recovery are what boards will be well advised to consider as an ongoing strategy,” said Abdulla Galadari, Lawyer, Galadari Advocates & Legal Consultants.
“As organisations deal with cashflow-related challenges in the wake of the current situation, it is critical for businesses to follow an effective approach to debt recovery to safeguard their future. We are pleased to have been able to collaborate with Dubai Chamber and Galadari Advocates & Legal Consultants to host an insightful webinar for the business fraternity on the practical options, strategies and key legal considerations with regard to recovery of business debts in the UAE,” said Ruthy Rajan, Deputy Editor, The Oath Magazine The Middle East Law Journal for Corporates.
Dubai Chamber regularly organises webinars, training seminars and workshops to raise awareness about key business trends and laws impacting Dubai’s private sector. These events fall in line with the Chamber’s strategic objectives of creating a favourable business environment and supporting business growth in the Emirate.