News

RA-ICC-DOCDEX-recovery-legal
ICC DOCDEX panel decides in favor of RA’s client, Issuing Bank liable to honor LC
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The International Chamber of Commerce (ICC) DOCDEX panel has decided in favor of RA’s client, by deeming an Issuing Bank liable to honor a documentary credit of approximately USD 26,000,000 plus interest. Details of the dispute: The dispute mainly revolved...
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recovery-advisers-uae-bankruptcy-law
Amendments to UAE Bankruptcy Law – Major Step Forward To Protect Creditor’s Interests
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In Brief As a result of the repercussions of the COVID-19 pandemic, the United Arab Emirates (UAE), have recently applied amendments and provisions to the UAE Bankruptcy Law. As per the most recent amendments to the UAE Bankruptcy Law, Recovery...
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saudi-supreme-court-commercial-ruling
Saudi Supreme Court Resolution No. (45/ M) applies force majeure to commercial transactions
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The Saudi Supreme Court has ruled, as of December 23, 2020 (08.05.1442 AH) to apply force majeure to commercial transactions that meet certain conditions, brought on by the COVID-19 pandemic, based on resolution No. (45/ M). After an extensive review...
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recovery-advisers-UAE-country-risk
Country Risk Profile for United Arab Emirates
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Provided by CountryRisk.io The United Arab Emirates’ macroeconomic condition has markedly deteriorated in the wake of the global pandemic, stemming from an already fragile backdrop. The IMF expects the economy in the UAE to contract by 6.6% yoy in 2020...
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recovery-advisers-uae-commercial-law-creditors
Claiming outstanding debt facilitated by changes to UAE Civil Procedures Law
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UAE Civil Procedures Law introduces changes to litigation in UAE Courts.  In May 2020, the UAE Civil Procedures Law was amended, with the introduction of the UAE Ministerial Decree No. 33 of 2020, pertaining to the amendments of the Ministerial...
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recovery-advisers-dubai-courts
Recovery Advisers succeeds in landmark case representing ECA against Dubai-based trading company
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Dubai Courts uphold party autonomy and decide against subrogating an arbitration agreement. Recovery Advisers prevailed in a landmark case representing a major Export Credit Agency (ECA) in front of the Dubai Courts. The key outcome of the case addresses two...
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RECOVERY-ADVISERS-SAUDI-ARABIA-LAW
New Saudi Commercial Courts Regulations to boost recovery options in KSA
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Introduced on 15th April 2020, the new Saudi Commercial Courts Regulation (CCR) updates and enhances the process of commercial dispute resolution in the Kingdom of Saudi Arabia (KSA) to make it more efficient, transparent and in line with leading global...
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recovery-advisers-saudi-arabia-courts-law
Notable Points in the Recovery Process – Saudi Arabia
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Formal requirements There are some formal requirements which the claimant needs to fulfill before filing a claim: The claimant’s legal representative must obtain super-legalized Power of Attorney (PoA) which delegates them to commence legal action in front of the Saudi...
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recovery-advisers-saudi-arabia-lawfirm
Practical tips for managing claims and recoveries in Saudi Arabia under new CCR
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KSA Recovery Reference Statutes of Limitations Commercial Claims: 5 years from cause of claim. Enforcement of bills of exchange / promissory notes: 3 years form maturity date. Int. Commercial Arbitration Member of 1958 NY Convention: Yes. Dedicated arbitration law: Yes...
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recovery-advisers-countryrisk-saudiarabia
Country Risk Profile for KSA
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Provided by CountryRisk.io Saudi Arabia is in a strong position to mitigate the adverse impacts of the COVID-19 pandemic and the subsequent repercussions, due to numerous factors. Predominantly, the government balance sheet, recording just 22.8% of government debt to GDP...
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