Sunday 5 December 2010

Insolvency laws 'need overhaul'

When the company Gary Bell worked for in Dubai faltered last year, he came face to face with the legal system's endemic uncertainties.

Recovering lost wages was a drawn-out battle and it was not immediately clear whether he and his colleagues could force the company to pay back suppliers and employees through bankruptcy proceedings.

'The bankruptcy laws need to be reviewed and the existing ones enforced,' he said. 'Directors, staff, suppliers, consultants should be aware that if they get into financial difficulty … the laws will not be used to protect them no matter whether they owe or are owed monies. This is the reality of Dubai.'"

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