Published On Sep 21, 2020
Navigating the financial terrain of Dubai can be daunting, especially when debt comes into play. If you've ever wondered, "Can I go to jail for having a debt in Dubai?", then this video is for you. 🇦🇪
Here's what we cover:
-The unforeseen ramifications of COVID-19 on Dubai's job market and the ramifications of signing blank checks for loans and purchases.
-A walk down history lane, revisiting the Article 401 of the criminal code and how it once meant jail time for debtors.
-The game-changing shift in 2017's Dubai law: transitioning from jail time to fines for defaulting checks under 200,000 dirhams.
-Clarifying the distinction: Criminal state-led cases vs. Civil disputes between private entities.
-Exploring remedies in civil cases: from financial compensations to covering legal expenses for bounced checks.
While there's a shift towards fines rather than jail time, caution is still paramount! Stay informed and make wise decisions in this ever-evolving landscape.
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