Blocking in the Event of Death, Bankruptcy or Loss of Legal Competence
Effective from 2020-11-09 - Nov 08 2020
To view other versions open the versions tab on the right
| Official notice on blocking due to bankruptcy: | ||
| 181. | If a DTFC becomes aware of, or receives an official notification of declaration of bankruptcy or of a restriction on its legal competence requested by an authorized party; the DTFC should stop all dealings related to the account and block the balance unless, the Companies Law or the Company's Articles of Associations (in regard to corporate bodies) allows the continuation of such accounts. | |
| Disclosure of Accounts of Bankrupt and Insolvent: | ||
| 182. | In case any person contacts a DTFC to inquire about or disclose transactions, accounts balances or banking relationships related to his debtors or his clients because of bankruptcy or insolvency, the DTFC should direct him to submit a request of that to the competent judicial authority. | |