emCredit

A service aligned to the futuristic vision for Dubai, emCredit brings Chosen Domicile Service (CDS), an internationally applied legal process that helps resolve financial disputes, swifter and more efficiently. Through CDS, one or more parties agree to utilize the services of an independent 3rd party to act as their nominated address (chosen domicile) to receive legal summons in the event of a dispute.

In order to speed up processes, should legal action be taken by one party against the other, the court (or the arbitration body) will deliver the claimant/plaintiff’s legal summons (and later execution order) to the chosen domicile of the defendant/respondent, ensuring that the involved parties are properly served in a manner satisfactory for the courts. This not only helps expedite the entire process but also helps reduce financial allocations involved in locating the defendant and serving the summons.

The Dubai Department of Economic Development (DED) has adopted CDS and has signed a partnership agreement with the Dubai Courts regarding the implementation of CDS in Dubai. The Dubai DED has chosen their wholly-owned company emCredit to offer this service throughout the emirate of Dubai.

So, in the case a bank is a claimant/plaintiff, the litigation period will shrink from the current average of 18-24 months to 3-6 months, thereby not only releasing any encumbered assets that much earlier, but also helping reduce legal costs by almost half and reducing bank provisions. Not only that, but the resulting court decisions are even enforceable overseas.

The implementation of CDS will be beneficial to everyone, banks, retails, and corporate/SME clients alike by ensuring a more transparent, faster and fairer legal process.