Obaid Humaid Al Tayer, the Minister of State for Financial Affairs, said on Tuesday that the government is working on a new personal insolvency law that would apply to individuals.
His comments follow the news that the UAEs new bankruptcy law, which protects companies that cannot pay their debts from criminal prosecution, has been approved by the Cabinet and could come into effect early next year.
Mr Al Tayer said that the law dealing with personal insolvencies would take about 12 months to draft, giving no indication when it is likely to come into effect.
Such a law cannot come too soon for those that have either been caught out financially by a personal investment that has gone sour, or those who have been sent to prison for being una…
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