The UAEs new bankruptcy law could come into effect by the end of the year, amid concerns that the court system may struggle to implement it effectively.
The bankruptcy law was published in the countrys official legal gazette on September 29, stating that it will come into effect three months later, according to a senior Abu Dhabi lawyer and a senior executive at the Ministry of Finance.
The state news agency Wam said on Monday evening that Sheikh Khalifa, the President, had issued Law Decree No 9 for 2016 on bankruptcy, after the Cabinet approved the new law early last month.
A copy of the new law seen by The National says it was approved from September 20.
The new bankruptcy law provides, for the first time, a comprehensive legal fram…
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