A comprehensive bankruptcy protection law is expected to be announced by the UAE Federal Government ‘within months', which will give adequate legal cover to companies under financial stress, a top Dubai Government official said.
"The government is working on issuing a comprehensive bankruptcy/insolvency law that will protect businesses under financial stress and help them move forward," Hamad Bu Amim, director-general of the Dubai Chamber of Commerce and Industry told Gulf News. "This is in final shape and could come anytime soon."
The news comes a day after the Dubai Government announced a legal framework to deal with Dubai World's debt restructuring by setting up of a court under the Dubai International Financial Centre (DIFC).
Hey, just a quick comment, hope you don’t mind :)
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Sean
It's always about companies, what about individuals?!
ReplyDeleteHi Bilal,
ReplyDeleteIndividual bankruptcy law is, apparently, not being considered.
But it will be a Federal Law, so some positive moves forward, but ever so slowly!
Rupert