In this note, we consider whether contracts provide any remedies, focussing on standard forms typically used in the region, and what happens when only the parent company of a contractor enters into insolvency. We also explain what an employer needs to know about insolvency of a contractor under UAE law and touch on the impact further down the supply chain. Further, we consider what happens in the alternative scenario of the employer, rather than the contractor, becoming insolvent, and also look at the potential impact of the very recent modifications that have been announced in relation to the UAE Bankruptcy Law.
The UAE insolvency process
The UAE Bankruptcy Law (Federal Law No.9 of 2016) (as amended) is still relatively new and remains…
Read the full article at: https://www.pinsentmasons.com/out-law/guides/bond-calls-insolvency-uae-law