Question:
Jon,
Coyle White Devine chasing me for a UAE debt. Outstanding SME Bussiness loan taken out in a company name. This was a collateral free loan. I signed a blank security cheque from the company account. After a couple of years I sold the company on and through Dubai courts transferred the company trade license to complete the transfer. And then left the UAE.
Now after three years can I be chased for this debt??
Matt
Answer:
Matt,
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Unfortunately, if you are responsible for the debt in the UAE, it can be passed on to an agent here in the UK to be collected. The issue may be if you are responsible for the account due to it being a company debt and the company being sold. That would be a legal issue to sort out.
A couple of years back I spoke to a representative of CWD and they do indeed act as an agent for some UAE banks trying to collect debts that originated in the UAE, but the account holder is now living in the UK.
CWD has authority to collect the account, however, they have to collect the account in accord with the laws and rules here in the UK, and you as the account holder, are afforded the debt management and insolvency options we have here in the UK. Which means you can include the debt in a debt management plan, bankruptcy, an IVA, or even a Debt Relief Order.
I hope this helps.
Regards,
Jon
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Question asked about CWD.