Dubai speeds up collection of arrears from tenants | Coming Soon in UAE

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Dubai speeds up collection of arrears from tenants

Dubai speeds up collection of arrears from tenants - Coming Soon in UAE

After agreement between Dubai’s Land Department (DLD) and the Central Bank, tenants in arrears could have their bank accounts frozen within two days if their rent cheques bounce.

As per the agreement, the Central Bank will direct queries submitted by the RDC to enable the efficient execution of judicial committee decisions and judgments. These verdicts will be directly implemented by the banks, which will also provide immediate responses to enquiries.

Governments around the world have the power to freeze bank accounts for a variety of reasons, including civil court judgements, suspected illegal activities or suspicious activities that have been detected by government agencies or regulatory bodies. The death of the account holder may also trigger a temporary freeze on bank accounts.

 

 

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