CRESCO Legal now process the Declaration of Indebtedness which is equivalent to Execution Instrument at the Notary Public in the UAE Courts, through a duly notarized Notary Public.
What does this mean to you?
- As a Debtor, you can now settle your outstanding debt with a request for a payment plan.
- This procedure will apply when a Debtor is willing to settle its outstanding debt in a signed document containing a written promise to pay an amount to a person or company at a set date.
- A negotiation between Creditor and Debtor will be entered into the Indebtedness Declaration which consists of the deferred payment terms.
- The Creditor will be provided with security, this procedure can be immediately executed through the UAE Courts without the need to start the case from the first instance court should the Debtor renege on the agreed terms. Through this process, the Creditor will save time and recover the outstanding amount owed by the Debtor and the money spent all throughout the procedures without any hassle.
How CRESCO Legal can help:
- We will provide you with the draft for Indebtedness Declaration.
- We will assist you (Debtor) in attending the Dubai Notary’s offices to have the document notarized;
- Sending a request to the Creditor on your behalf for the Notary stamp for Execution.
- Notarization by the Notary Public
- Attestation of signatures made over the document.
- Effect Execution writ over the document