Developer Al Murjan’s unprecedented move to file for bankruptcy will likely blaze new legal ground for the UAE, in a case that will be closely watched by thousands of investors in uncompleted projects.
Although there are federal laws covering bankruptcy, they have almost never been tested, legal experts say.
“A lot of it is cultural,” said James Farn, head of banking and finance in the Abu Dhabi office of UAE law firm Hadef & Partners. “There is a perceived stigma.”"
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