QCB circulates enforcement order issued by QIC, freezing assets of non-QFC registered company.
QNA Doha Qatar Central Bank has circulated an 'Enforcement Order', issued by the Enforcement Judge of the Qatar International Court against a non-QFC registered company operating within the State of Qatar, directing all banks in Qatar to comply with the enforcement order. The enforcement order directed all banks and relevant financial institutions within Qatar to comply forthwith; freezing the relevant sums and transferring the same to the Qatar International Courts Enforcement Account for the benefit of the judgment creditor. The enforcement order comes after the First Instance Circuit of the Qatar International Court found the 'defendant', a local company registered outside the QFC, liable to the 'claimant' in relation to unpaid insurance premiums. The case commenced when the claimant, a QFC registered company, brought a claim before the court in 2017, alleging that the defendant had failed to pay premiums owed to the Claimant pursuant to the terms of a health insurance policy, thereby breaching the provisions of the agreement signed by the two parties. After a number of failed attempts to claim its contractual entitlements from the defendant, the claimant resorted to the court, requesting the court to find the defendant liable to pay the unpaid premiums which were in the region of QAR 223,000. Following an Application for Summary Judgment, the court found that the defendant had failed to make the required payments, pursuant to the terms of the relevant policy, and ordered it to pay the relevant sums to the claimant forthwith. Also known as the Civil and Commercial Court of the Qatar Financial Centre, the Qatar International Court and Dispute Resolution Centre (QICDRC) is a world-class court that specialises in resolving civil and commercial disputes within its jurisdiction. For cases to be heard at the Court, at least one of the parties involved needs to be affiliated with the QFC in the manner specified in the QFC Law. The QICDRC is part of the specialist legal and regulatory framework of the QFC, applying international best practices and commercial expertise. The QICDRC provides a trustworthy legal platform that helps establish Qatar as a key global commerce hub in the Middle East.
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|Publication:||Qatar Tribune (Doha, Qatar)|
|Date:||Mar 17, 2019|
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