The effects of the public joint stock companies’ conversion on partners and creditors of the company: A comparative study between the Emirati and the Jordanian laws
Mar 28, 2024
DOI:
Published in: Vestnik Sankt-Peterburgskogo Universiteta. Pravo
Publisher: Saint Petersburg State University
This paper aims to investigates the concept of conversion and will discuss the effects of conversion on the partners and the company’s creditors without discussing the effects of conversion for the converted company. This article compares two jurisdictions in middle east — United Arab Emirates (UAE), and Jordan. to find out how both jurisdictions have dealt with the effects of the public joint stock companies’ conversion on partners and creditors of the company. The article reached a set of findings, for example, it is not permissible for the transferred company to dissociate itself from the contracts that it had concluded before the transfer. The UAE legislator has done well when it explicitly stated that the rights of the partners or shareholders may not be violated towards the shareholders and creditors of the transferred company, holders of loan, bonds, or sukuk, and any interested party. The UAE legislative authority stipulated that the company’s conversion would be contingent upon objectors relinquishing their objections. Alternatively, if the court were to issue a final judgment rejecting the objection, or if the company were to promptly settle the debt, or provide substantial guarantees for future debt repayment, the conversion would proceed. Previous studies have been based on one jurisdiction, other than this study, which compared two jurisdictions in the middle east. Also, this article examined the recent commercial companies law issued in the United Arab Emirates. In addition, this article focused on one type of company, which is the public joint stock company. © 2024 Saint Petersburg State University. All rights reserved.
Other Researches
The UAE telecommunications market is rapidly expanding, prompting the issuance of Resolution No. 56 of 2024, which regulates marketing phone calls, and Resolution No. 57 of 2024, which addresses penalties for violations. Both resolutions take effect...
The right to access information empowers citizens to gather knowledge about events and issues, shaping their opinions and participation in public life. Globally, there is a push to recognize this vital right for its role in promoting democratic gove...
Establishment of a DNA Fingerprinting Database in the United Arab Emirates
DNA fingerprinting represents a pivotal advancement in forensic science since the 1980s. Recognizing its significance, the United Arab Emirates (UAE) implemented the first law pertaining to this technology through Federal Decree by Law No. (39) of 2...
Perhaps the most important problem with arbitration as a means of settling investment disputes, is to identify the concept of the investment dispute, identify parties, and indicate the criteria that are adopted to determine whether we are going to i...
This paper comprehensively explores autonomous vessels, employing a methodology grounded in legal analysis to achieve its research objectives. The primary purpose of this research is to enhance the understanding of the legal framework governing auto...
An Overview of the Trademark in the Metaverse Under UAE Law
This study thoroughly explores the metaverse and assesses trademark status within its realm according to the UAE Federal Decree Law on trademarks. The research endeavors to comprehend the level of trademark protection in the metaverse as per the UAE...
This work investigated artificial intelligence AIand the development of AI in the Gulf Cooperation Council (GCC) countries, including AI’s applications in biotechnology and the current status of AI in some international patent systems. We explored t...
THE IMPLICATIONS OF CONVERSION FOR THE CONVERTED PUBLIC JOINT STOCK COMPANIES
The phenomenon of company conversion is on the rise, both in the United Arab Emirates (UAE) and Jordan. This study aims to investigate the concept of conversion and examine the implications it has on the converted company. We explore the continuity ...
Effects of Maritime Mortgages on Creditors and Debtors under the UAE Law
This article aims to investigate the definition of mortgage and will clarify and address the Importance of mortgage and the application of maritime mortgage (vessel and ancillaries thereof). It is known that contracts affect the parties thereto and ...