Abu Dhabi, UAE

The Week Middle East - - News -

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.

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