Mohammed Yaseen, Staff Reporter
The Civil Court in Dubai has rendered a judgment in a case concerning a Gulf national who is indebted to the amount of Dhs707,000.
The court has declared this individual to be insolvent for a period of three years, a decision which precludes him from entering into any binding commitments for that same period, with the exception of those relating to his fundamental needs.
Furthermore, the court has prohibited him from obtaining any new loans or financing.
The debtor submitted a request to the court to initiate insolvency proceedings, providing documentation that substantiated his inability to fulfill financial obligations due to personal status issues.
Subsequent…
