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Tuesday, 25 October 2016

Sheikh Khalifa decrees bankruptcy law | The National

Sheikh Khalifa decrees bankruptcy law | The National:

"Sheikh Khalifa, the President, on Monday issued the long-awaited new federal bankruptcy law by decree, according to the state news agency Wam.

The law, which contains elements of bankruptcy protection laws from jurisdictions including France, Germany and the Netherlands, provides, for the first time, a comprehensive legal framework to help distressed companies avoid bankruptcy and liquidation.

Under the terms of the federal constitution, the new law will come into effect three months from its publication in the country’s official legal gazette."

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