The UAE government has an initial draft for a new bankruptcy law, an official at the ministry of economy said, a move seen simplifying existing legislation for lawyers and companies.
Lubna Qassim, director of economic legislations department at the UAE ministry of economy, said although the legislation was in early stages, there had been progress since talks to change existing laws - considered cumbersome - began about two years ago.
'There is a draft - yes, it's in the initial stages but now its more than dialogue. It is time that effort is put in for the exit of companies,' Qassim said on the sidelines of a conference in Dubai, declining to comment on a timeframe for approval.
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