Bankruptcy happens at all times as they are not unprecedented. Over the years, a lot of businesses file for bankruptcy, especially during the COVID-19 pandemic. This has resulted in a loss for lots of individuals and businesses. A large number of people go out of work and take a downward trend in economic activity. Bankruptcy Advocates do their best to blunt the implications of the damage. Let us dig into the work of bankruptcy advocates and their job credentials. A Bankruptcy Attorney is specialized in addressing the business and even individuals in financial matters. They may offer a piece of advice to the client concerning the Bankruptcy Process. They may also represent the client in bankruptcy courts if needed. The UAE Bankruptcy Law, Article 67, explains the “Law and the Procedure”. The Debt Restructure offer is provided to Debtor by the Court once he files the bankruptcy. Article 68, of UAE Bankruptcy Law explains the right of a debtor to step in to court for debt restructuring.
They (Bankruptcy lawyers) meet the clients and provide legal counsel to the client and also aid in drafting the documents. They may file bankruptcy with the court on behalf of the client. They also offer mediation services to resolve legal matters. The motive behind hiring a lawyer is to recover the maximum amount of money from the client’s debtors. They help in liquidating or selling the assets or organizing the payment schedule so that timely payment can be done.
Bankruptcy Advocates specialize in eliminating or reducing debts and seek unpaid debts on behalf of the client. They closely work with various individuals and organizations to assist them in filing for bankruptcy and recovering their outstanding debts. They work with persons or entities representing creditors, debtors, creditors’ committees, bankruptcy trustees, and others.
They work inside and even outside the courtroom to facilitate their clients. Nevertheless, they also assist in creating debt structuring plans for debtors. Furthermore, this will be done to aid the debtors in conveniently paying their bills. It relieves the debts and also allows the recovery of the owed money from debtors on behalf of the creditors. They usually work for concerned clients who are impacted due to unforeseen accidents and poor decision-making. By hiring a bankruptcy attorney you will put yourself in the right position and thus take advantage of them.
Therefore, it is of paramount importance to have in-depth knowledge of the bankruptcy laws in UAE along with the federal laws and other state laws. Bankruptcy advocates will help in handling the cases from the beginning till the very end. In the process, they might need to make court appearances or listen to court hearings. As stated above, two of all the bankruptcy articles e.g. Article 67 and Article 68.
Besides, they also manage the clients and also maintain the relationship. For that, they also handle opposing counsel relationships efficiently. For it, they take up the formal way of communication, and thus, it subsequently assists in problem resolution. In addition, the bankruptcy advocates will manage with the partners, paralegals, and others in the legal matter. They also coordinate with the stakeholders regarding legal issues. Furthermore, they also make sure to finish their work promptly and thus meet the deadlines. Bankruptcy lawyers may be handling more than 1 client at a time.