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Monday, 28 November 2016

Bankruptcy law to improve credit dynamics in the UAE |

Bankruptcy law to improve credit dynamics in the UAE |
"The UAE Bankruptcy Law or Federal Law 9 of 2016 is one crucial part of the comprehensive insolvency law reforms that will go a long way in improving the credit dynamics and investor confidence in the UAE, according to economists.
“The law comes at a critical time in the UAE’s economic development road map, especially given the vital role the law will play in incentivising private sector and entrepreneurial activity,” said Shady Shaher Elborno, Head of Macro Strategy at Emirates NBD.
The existing insolvency regime was broadly spread across three pieces of legislation, the commercial companies law, the commercial transactions law, and the civil law. While providing a formal court supervised process for settling creditor claims, the lack of clarity and inconsistency around the laws meant they have been largely untested."

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