Abu Dhabi, UAE
New bankruptcy law: UAE President His Highness Sheikh Khalifa bin Zayed Al Nahyan has issued the country’s new bankruptcy law through a decree. Sheikh Khalifa issued Law Decree no. 9 on bankruptcy and others relating to the Federal Supreme Court, crimes against the federation, the federal courts and drug trafficking countermeasures. The longawaited bankruptcy law will mean executives and businessmen will be able to avoid a jail sentence if their company fails to pay debts. The law states the country will establish the Committee of Financial Restructuring as a regulatory body to oversee bankruptcy procedures outside of the courts. Creditors will be able to begin insolvency proceedings if company debts of Dhs100,000 or more are unpaid for more than 30 days.