British entrepreneur flees debts in Dubai
DUBAI – The UK Daily Telegraph carries an interesting story about a British entrepreneur who has fled the financial crash in Dubai leaving behind hundreds of thousands pounds in debts.
Simon Ford, who founded a “gift experience” company that prospered in the United Arab Emirates’ boom years, said he had been forced to escape as he feared being sent to debtors’ prison under strict bankruptcy laws.
His company, Blue Banana, prospered in the party atmosphere of Dubai’s property and investment bubble. He was listed by a local version of Hello! magazine as one of the UAE’s “100 hot entrepreneurs” in 2007.
Blue Banana sold “adventures” such as hot air balloon rides and flights in fighter jets, as well as more routine – for the Gulf – presents such as a day at a health spa.
The firm expanded just as the bubble peaked a year ago, but as demand collapsed was unable to meet loans or pay suppliers and ended up owing £100,000 to £200,000.
The Daily Telegraph says Ford is one of thousands of British and other expatriates who have lost work and businesses and are leaving Dubai as it experiences its worst crisis since the UAE’s founding 40 years ago.
One bank has predicted the city’s 1.4 million population could shrink by almost a fifth. More than 85 per cent of its population is foreign.
Ford said his decision was made quickly. As his business’s debts began to spiral and creditors started to threaten him, he talked to his wife about giving up on Thursday of last week.
He has written an open letter to the city apologising for not paying the money he owes his creditors.
“There is a very stark reality in doing business in the UAE which unfortunately results in the most horrible decisions having to be made,” he wrote.
Dubai’s bankruptcy laws mean that debtors can go to prison merely for bouncing a cheque, while breaching stringent rules on trading while insolvent can bring lengthy terms.
Dubai Airport reported earlier this year that 3,000 people had abandoned cars leased or bought on hire purchase in their hurry to leave.
Full story at
http://www.telegraph.co.uk/news/worldnews/middleeast/dubai/5650158/British-entrepreneur-flees-debts-in-Dubai.html
Ian Jarrett
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