UAE Ministry on New Specific Legislation of Insolvency of Natural Persons
This Decree-Law on the Insolvency of Natural Persons which has been issued on 29 August 2019 and supposed to come into effect in the beginning of 2020, aims at enhancing the competitiveness of the UAE by ensuring the ease of doing business, creating favourable conditions for individuals facing financial difficulties and protecting those who are …
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Rent Control Law (Law no. 23/1983) – Recent amendments on eviction for non – payment of rent
Ι. Introduction In order to speed up procedures for eviction of tenants for purely reasons of non – payment of rent parliament has recently passed a law amending the Rent Control Law of 1983 (hereinafter referred to as the “Law”) which came into effect on the 31 January 2020.
Everything You Need to Know about Limitation Period of Labour Cases in the UAE
To start with, the UAE labour law defines the employment contract as “any agreement for a definite or indefinite term, concluded between an employer and an employee, whereby the latter undertakes to work in the employer’s service and under his/her management and control, in return of a certain wage that the employer undertakes to pay.” …
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Few Key Changes of the New Dubai Multi Commodities Centre Authority Companies Regulations 2020
Dubai Multi Commodities Centre (DMCC) recently announced new DMCCA Company Regulations 2020, which came into effect from 2 January 2020 to further enhance the ease of registration and operation of businesses.
Everything You Need to Know about the New Joint Property Law in Dubai
Background and introduction Just recently, His Highness Sheikh Mohammed bin Rashid Al Maktoum Vice President and Prime Minister of the UAE issued Law No. (6) of 2019 pertaining to the Joint Ownership of Properties (Joint Ownership Law) in Dubai. This newly enacted law repeals Law No. (27) of 2007 concerning Jointly Owned Property in the …
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News Alert: Economic Substance Requirements Guidance Issued
Introduction On 11 September 2019, the UAE issued Ministerial Decision No. 215 of 2019 on the Directives for the implementation of the Economic Substance Regulations (ESR). The ESR was earlier published in April 2019 as the Cabinet of Ministers Resolution No. 31 of 2019.
10 things to now about the new Incoterms 2020
Published since 1936, the International Chamber of Commerce (ICC) has published a set of three-letter trading terms for the use in sale and purchase contracts. These ‘Incoterms' deal withthe obligations of the buyer and seller and consists of 11 three- letter trading terms grouped as follows:
SOCIAL MEDIA INFLUENCERS: BOON OR BANE?
“Social Media Influencers, whether their audience is significant or small, impact the lives of everybody who watches their content. They do have a responsibility to ensure what they are publishing is not harmful or offensive.” This statement made by the Single Judge of the Bombay High Court brought into the limelight the impact and responsibilities …
Armenia: Prevention of Leadership Duality
When attempting to create corporations that safeguard the interests of shareholders, many companies implement a two-tier corporate hierarchy. At the first level is the board of directors: elected by the shareholders and on the second tier is the upper management: hired by the board. The one-tier board provides a better understanding of the operational issues …
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Private Funds Update – Some Issues arising out of SEBI’S Circular dated February 5, 2020 for Alternative Investment Funds
The Securities and Exchange Board of India (“SEBI”) issued circular no. SEBI/HO/IMD/DF6/CIR/P/2020/24 dated February 5, 2020 (“Circular”) that introduces standard templates for alternative investment funds’ (“AIF”) private placement memorandums (“PPM”), annual audits of compliance with the terms of the PPM and mandatory performance benchmarking for AIFs with provisions for additional customised performance reporting. An overview …