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Sunday, 9 October 2016

Proposed UAE bankruptcy law could put strain on courts once enacted, top lawyer says | The National

Proposed UAE bankruptcy law could put strain on courts once enacted, top lawyer says | The National:

"The UAE’s draft bankruptcy law, once enacted, could place a significant strain on the courts and public prosecution system, with a need for a large increase in trained insolvency practitioners, according to Essam Al Tamimi, a leading Emirati lawyer.

Mr Al Tamimi, the founder and managing partner of law firm Al Tamimi and Company, welcomed the approval of a draft of the law by the Cabinet last month, but cautioned that local courts were currently ill-equipped to handle the types of restructuring and bankruptcy procedures set out in its provisions.


"The law is very well drafted and very comprehensive, with well-structured provisions equivalent to Chapter 11 [in the US] that will protect insolvent companies from going bankrupt. The main concern is the practicalities," Mr Al Tamimi told The National."



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