Business

Question mark whether UAE debt case can be enforced in any other country

A debt in the UAE is usually only an issue in this country, although there have been cases where a debt collection agency has been engaged to recover the debt and they have tracked people down in other countries.

Keren Bobker

01 October, 2016

I have a debt with a UAE bank and have defaulted on the payments. The amount owed is Dh200,000. I left the UAE in February 2015 to return to Pakistan. Now I want to travel to Malaysia. My question is whether Paki­stani immigration can stop me from leaving because of my unpaid debts in the UAE. My reason for going to Malaysia is for work. Once I have money again, I will start paying back what I owe. MSI, Pakistan

A debt in the UAE is usually only an issue in this country. However, if repayments are not made a bank has the right to register a police case against the individual, which could lead to arrest on entering the UAE or if attempting to leave if the person is already here. It is unlikely that a person would have any issues leaving Paki­stan or entering Malaysia owing to a UAE debt, although there have been ­cases where a debt collection agency has been engaged to recover the debt and they have tracked people down in other countries. However, there is a question mark over jurisdiction and whether any UAE debt case is enforceable in any other country.

The lawyers I have spoken to say it is not. If MSI is still worried, he should contact the bank he owes the money to and ask what action, if any, it has taken. It is likely to be more helpful if he lets the bank know that he intends to start repaying the money that he owes.

Keren Bobker is an independent financial adviser with Holborn Assets in Dubai, with over 20 years’ experience. Contact her at keren@holbornassets.com. Follow her on Twitter at @FinancialUAE.

The advice provided in our columns does not constitute legal advice and is provided for information only.

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How to keep control of your emotions

If your investment decisions are being dictated by emotions such as fear, greed, hope, frustration and boredom, it is time for a rethink, Chris Beauchamp, chief market analyst at online trading platform IG, says.

Greed

Greedy investors trade beyond their means, open more positions than usual or hold on to positions too long to chase an even greater gain. “All too often, they incur a heavy loss and may even wipe out the profit already made.

Tip: Ignore the short-term hype, noise and froth and invest for the long-term plan, based on sound fundamentals.

Fear

The risk of making a loss can cloud decision-making. “This can cause you to close out a position too early, or miss out on a profit by being too afraid to open a trade,” he says.

Tip: Start with a plan, and stick to it. For added security, consider placing stops to reduce any losses and limits to lock in profits.

Hope

While all traders need hope to start trading, excessive optimism can backfire. Too many traders hold on to a losing trade because they believe that it will reverse its trend and become profitable.

Tip: Set realistic goals. Be happy with what you have earned, rather than frustrated by what you could have earned.

Frustration

Traders can get annoyed when the markets have behaved in unexpected ways and generates losses or fails to deliver anticipated gains.

Tip: Accept in advance that asset price movements are completely unpredictable and you will suffer losses at some point. These can be managed, say, by attaching stops and limits to your trades.

Boredom

Too many investors buy and sell because they want something to do. They are trading as entertainment, rather than in the hope of making money. As well as making bad decisions, the extra dealing charges eat into returns.

Tip: Open an online demo account and get your thrills without risking real money.