The Competent Authorities for Recovering Movable Assets
| No: 361000115987 | Date(g): 14/6/2015 | Date(h): 27/8/1436 | Status: In-Force |
Translated Document
Effective from 2015-06-14 - Jun 13 2015
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Based on Paragraph (2) of Article (25) of the Finance Lease Law which stated that "According to the provisions of this law, the lessor has the right to reclaim the movable assets from the lessee in cases where the contract between the parties includes the lessor’s right to reclaim them. Specialized companies licensed by the Ministry of Justice pursuant to the Enforcement Law will oversee the implementation of the reclamation of the asset from the lessee. Referring to the instructions of the Ministry of Interior prohibiting the retrieval of vehicles in cases where the contract between the parties includes the lessor's right to reclaim them, except through the competent authorities.
Therefore, licensed financing entities engaged in the activity of financial leasing must comply with the Ministry of Interior's regulations on this matter until the Ministry of Justice licenses specialized companies to perform this task, pursuant to the provisions of the aforementioned article. Additionally, we clarify that any personnel from financing entities who proceed to recover movable assets without consulting the relevant authorities will be subject to legal prosecution.
For your information and compliance accordingly.