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Debts may be dated back in history. Back then, people sold services and goods in return for other services and goods.
Collecting unpaid accounts from business to business (B2B) customers is a difficult and time consuming process, particularly if your debtors are based in the United Arab Emirates. This can become even more complex if you have creditors located abroad who do not speak the local language.
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In Dubai, the legal procedures for retrieving the debts are well controlled. Debt recovery is a mechanism by which the debtor pursues outstanding interest.
The restructuring of debt at the UAE is of great interest both domestically and overseas. Many businesses have unpaid debts,
Traces of the debts can be found from the ancient times of the barter system. That was when people were selling commodities and servicing other goods and services.
A debt is a financial obligation against a provided contract, commodity, loan or any other responsibility that has a benefit of money on a person or organization.
The UAE oil crisis triggered job cuts and a decline in the tourism industry in 2016. Significantly, the Persian Gulf nation has seen a rise in its customer bad debts
According to the 2018 Global Ranking on Debt Collection, the UAE is one of the most difficult places in the world to collect debt
The legal process established for debt recovery is well controlled. Many money cases are still being settled with the bailiffs mostly involved in the final stages through the Trial
