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Monday, 5 September 2016

UAE bankruptcy law will not offer protection for defaults on personal debt | The National

UAE bankruptcy law will not offer protection for defaults on personal debt | The National:

"The UAE’s new bankruptcy law will not offer protection from jail for individuals unable to repay their debts, according to a top government official.

The final draft of the law, approved by the federal cabinet on Sunday, will offer protection for employees, shareholders and directors of companies undergoing court-led insolvencies, but private insolvent individuals will not be able to use it to avoid criminal prosecution, according to a person familiar with the draft legislation.


The legislation will apply to all onshore and free-zone companies throughout the UAE, with the exception of companies in the DIFC and ADGM jurisdictions, each of which already have their own separate insolvency regulations in place."



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