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Published : May 12, 2016 | Author : alrowaad
Category : Dubai laws | Total Views : 125 | Unrated

Hassan Mohsen Elhais After qualifying as a lawyer in his native Egypt within the fields of Criminal and Public Law, Mr. Mohsen Elhais has been practicing in Dubai for the past seven years. Working exclusively with Al Rowaad Advocates, Hassan is an effective leader of the company, the spokesperson and driving force. Hassan has a strong ethical stance with regards to the place of the law firm and its work on behalf of the client, from clarity on the legal process through to the fee system. Specialising in the drafting of all statement of claim, memos and consultation with regards to all kind of litigations, Hassan has worked his way through the ranks of Al Rowaad Advocates from joining as Legal Advisor to his current role as Managing Partner.

Companies incorporated under provisions of Company law in a specific form may be changed to another type, after satisfying the legal requirements under Company Law. (Company Law, Part Nine, Chapters 1 & 2, Arts. 273-280, Part Ten, Chapters 1 & 2, Arts. 281-312)

The change is made by a decision or resolution adopted in accordance with the procedures stated in the amendment of the company’s Memorandum and Articles of Association. Moreover, the company must complete the incorporation formalities stipulated by DED (Dubai Economic Department) for the new company, and the change of the company type must be recorded in the Commercial Register with the valuation statement. Therefore, a statement concerning the assets and liabilities of the company and the estimated value must be attached to the decision to change the type of company.

The assets and liabilities held by the company before the transformation will be transferred to the new company. The joint partners cannot be released from liability for the company’s previous debts without the consent of the creditors. This consent will be presumed if a written objection is not made by the creditors within a specific period of 3 months from the date of their formal notification of the decision to transform the company. The above mentioned notification is published twice in the local press by the Municipal Authority concerned, indicating the change of the company legal form and requesting parties whose rights could be affected to object.

Each of the partners in the transformation of a public joint stock company/ a partnership limited with shares/ Limited Liability Company shall have the right to acquire an equal number of shares in the new company as they had previously held in the old company.

Author: Experienced lawyer Hassan Elhais, along with his team of prominent lawyers across the UAE, has made a name for himself as a renowned specialist in the fields of civil law, construction law, banking law, criminal law, family law, inheritance law and arbitration.

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