MHLF Announcement

A non-compete clause (or non-competition clause), is a clause in an employment contract that prevents or restricts an employee from any activity that directly competes against his former employer once the employment contract has ended.

Debt Recovery is a critical aspect of financial transactions, crucial for individuals and businesses alike; hence efficient recovery of unpaid debts is vital for maintaining financial security.  The recent judgment by the General Assembly of the Dubai Court of Cassation in Cassation No. 1 of 2024 issued on 31 January 2024 (the “General Assembly Judgment”), has expanded the options of attachable assets in relation to debt recovery. Before discussing the nuances of this judgment, let us look into the framework of debt recovery in the UAE.

In May 2024, the Dubai International Financial Centre Authority (“DIFCA”) issued a Consultation Paper in relation to certain proposed amendments to DIFC Law No. 3 of 2004 (otherwise known as the “Application Law”). The DIFCA seeks to enact these amendments to the Application Law by way of DIFC Law No. 6 of 2024 (the “Proposed Amendment Law”). The Consultation Paper invites public comment on the Proposed Amendment Law by no later than 1 June 2024, and any comments should be addressed to the DIFCA’s Chief Legal Officer, Mr. Jacques Visser.