The much-awaited new bankruptcy law in the United Arab Emirates is a complete legal framework designed to help financially troubled companies to avoid collapse. The new law took effect on December 29 2016 after being decreed by President Sheikh Khalifa. It is part of the global wave of insolvency reform referred to as the ‘rescue culture’ and has been warmly received by local and international stakeholders. Although it has yet to be tested in practice by the courts, it is a move in the right direction.
The old law offered few options other than liquidation to companies that faced insolvency and was increasingly regarded as outdated. The new law expressly repeals the United Arab Emirates’ extant insolvency regime…
Read the full article at: http://www.internationallawoffice.com/Newsletters/Insolvency-Restructuring/United-Arab-Emirates/Fichte-Co-Legal-Consultancy/Rescue-and-revive-new-UAE-bankruptcy-law