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CREDITORS' GUARANTEES OF A ONE-PERSON LIMITED LIABILITY COMPANY IN THE OMANI AND UAE COMPANIES LAW AND WAYS TO PROTECT THEM

Year 2022, Volume: 8 Issue: 23, 553 - 576, 04.09.2022

Hussein Ali Said Al Nasseri Mohamed Ibrahim Negasi Wan Mohd Zulhafiz Bin Wan Zahari

Abstract

This comparative analytical study discussed the guarantees of the creditors of the one-person company, when the objectives of the study focused on clarifying the guarantees of the creditors of the company that were guaranteed by the Omani and Emirati legislators to the company’s dealers, balancing the privileges and preserving the rights of the company’s creditors. A statement of the personal and in-kind guarantees of the company's creditors. The study adopted the analytical method and the comparative method. The study reached the following findings: The validity of the opinion adopted by the Omani and Emirati legislators, which was consistent with common sense and respectful of the capital element in the one-person company. There is consensus between the Omani and Emirati legislators in allocating the mandatory aspect of net profits to ward off risks. The necessity of increasing the percentage of financial deduction in favor of the company’s fund and amending Article (274) of the Omani Companies Law and Article (102) of the Federal Companies Law. The Omani and Emirati legislators had to single out explicit legal texts regarding the necessity of appointing an auditor for the one-person company. What the UAE legislator held regarding the permissibility of establishing more than one person company for natural or legal persons is not without benefits. The creditors of a one-person company, whenever they obtain a guarantee from the sole partner, have the right to collect their debt, whether from the owner or the sponsor, or to claim both in the event of the company’s bankruptcy. If the owner of the company’s capital is the guarantor, the claim remains valid against him, and the claim of the one-person company is forfeited, which constitutes a guarantee for the creditors and the preservation of their rights.

Keywords

creditors person company Omani law UAE law

References

  • Knapp, Vanessa. (2015). ‘Directive on Single-Member Private Limited Liability Companies: Distributions’. European Company and Financial Law Review, 12, P: 191-201.
  • Lidstone Jr, H.K., Burns, F., and Will, P.C, ‘Single Member LLCs and Asset Protection. (2012). COLO.Law, Partnership and Unincorporated Entities Committee, ‘Single – Member LLC Entity Member Form’(2014) 69 Bus Law 745, p 749-751.

Year 2022, Volume: 8 Issue: 23, 553 - 576, 04.09.2022

Hussein Ali Said Al Nasseri Mohamed Ibrahim Negasi Wan Mohd Zulhafiz Bin Wan Zahari

Abstract

References

  • Knapp, Vanessa. (2015). ‘Directive on Single-Member Private Limited Liability Companies: Distributions’. European Company and Financial Law Review, 12, P: 191-201.
  • Lidstone Jr, H.K., Burns, F., and Will, P.C, ‘Single Member LLCs and Asset Protection. (2012). COLO.Law, Partnership and Unincorporated Entities Committee, ‘Single – Member LLC Entity Member Form’(2014) 69 Bus Law 745, p 749-751.
There are 2 citations in total.

Details

Primary Language English
Journal Section Articles
Authors

Hussein Ali Said Al Nasseri

Mohamed Ibrahim Negasi

Wan Mohd Zulhafiz Bin Wan Zahari

Publication Date September 4, 2022
Submission Date August 1, 2022
Published in Issue Year 2022 Volume: 8 Issue: 23

Cite

EndNote Ali Said Al Nasseri H, Ibrahim Negasi M, Mohd Zulhafiz Bin Wan Zahari W (September 1, 2022) CREDITORS’ GUARANTEES OF A ONE-PERSON LIMITED LIABILITY COMPANY IN THE OMANI AND UAE COMPANIES LAW AND WAYS TO PROTECT THEM. IJASOS- International E-journal of Advances in Social Sciences 8 23 553–576.
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