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DUBAI "SKIP" DEBTORS

Dubai "Skip" debtors has a become a very familiar term in the UAE which is associated with individuals who have cut and run from financial commitments made in the UAE.

Creditors have been left reeling the effects of irresponsible individuals that have skipped leaving behind often huge debts ranging from car loans, credit cards and personal loans.

UAE Banks and Financial Service providers have often tried to pursue individuals and guarantors but with limited success due to International legal restrictions.

MIK Legal Consulting expanded their Debt Recovery Services into the UAE some 12 months ago and in this time has established a formidable reputation for success. We have implemented consistant policies against debtors and through self regulation and mediation achieved astounding results.

To date MIK Legal Consulting has recovered Debts for some of the largest Local and International Companies in the World with an ever expanding client base.

JP Debt Recovery is a subsidiary of MIK Legal Consulting which is licensed by the Office of Fair Trading (OFT) in the UK to provide Consumer Credit Services in the UK. JP Debt Recovery was established over 6 years ago and provides complete Debt Solutions.

Most UAE Financial Institutions are frustrated through the lack of action that can be taken against "Skip" debtors who have established new lifes back in their Countries of origin with funds taken from the UAE. MIK Legal Consulting has devised a strategy which can potentially help all UAE organisations recover their default accounts no matter how old the account maybe, infact the older it is the more chance we have of a successful recovery.

Most "Skip" individuals take the proceeds from the UAE and establish new lifes abroad usually in their Country of origin. They will often settle into their regular lifes and begin the process of asset accumulation i.e. car, home, business, furniture etc.

MIK Legal Consulting has devised a strategy which allows UAE Financial Institutions to sell their debt to JP Debt Recovery which can then lawfully through the UK County Courts take action to recover all outstanding amounts including penalty charges. Once the debt has been traded to JP Debt Recovery we are able to handle recovery of any account belonging to a EU citizen with reliance upon the European Payment Order (EPO).

The EPO procedure simplifies, speeds up and reduces the costs of litigation in cross-border cases concerning uncontested pecuniary claims. The Regulation permits the free circulation of European orders for payment throughout the Member States by laying down minimum standards, compliance with which renders unnecessary any intermediate proceedings in the Member State of enforcement prior to recognition and enforcement.

Application of the procedure in civil and commercial matters

The European order for payment procedure applies to civil and commercial matters in cross-border cases, whatever the nature of the court or tribunal. A "cross-border case" is one in which at least one of the parties is domiciled or habitually resident in a Member State other than the Member State of the court hearing the action. The Regulation applies to all Member States except Denmark, in conformity with the Protocol on the position of Denmark annexed to the Treaty on the European Union and the Treaty establishing the European Community.

The procedure does not extend to revenue, customs or administrative matters or the liability of the State for acts and omissions in the exercise of State authority ("acta iure imperii").

The following are also excluded:

•matrimonial property regimes;
•bankruptcy, proceedings relating to the winding-up of insolvent companies or other legal persons, judicial arrangements, compositions and analogous proceedings;
•social security;
•claims arising from non-contractual obligations, unless they have been the subject of an agreement between the parties or there has been an admission of debt or they relate to liquidated debts arising from joint ownership of property.

For more information on UK & European Debt Recovery Services or Skip Debtors contact our experts at info@mikegal.com for further assistance.