The UAE government has been formally considering amendments to the insolvency regime since 2009, and a previous draft insolvency law was published in 2011 (the 2011 Draft); the New Law, however, is different in certain respects.
span style=”font-family: Calibri; font-size: small;”>Key changes under the New Law
Repeal of current regime:
Chapter V of the Commercial Code, which sets out the UAE’s current insolvency regime, will be expressly repealed, together with various bankruptcy-related crimes set out in the Penal Code.
Wider application:
The New Law applies more widely than the current Commercial Code provisions, covering companies governed by the UAE Commercial Companies Law (CCL), most free zone companies, sole establishme…
Read the full article at: http://www.cpifinancial.net/news/post/38000/new-uae-insolvency-law-what-you-need-to-know