gulfnews : UAE ready with draft federal insolvency law

The UAE is ready with the first draft of a new Federal Insolvency Law, which will be presented to the Cabinet early next year once a technical committee completes a thorough evaluation of its provisions, a senior official from the Ministry of Finance said yesterday.

"The UAE Ministry of Finance was mandated with the responsibility of creating a draft law dealing with insolvency and bankruptcy. The Ministry completed the draft and passed it on a technical committee in November. Once the committee completes its evaluation and amendments, the final draft will be submitted to the government," said Ahmad Mahmoud Al Hammadi, Assistant Undersecretary in the Ministry of Finance.

Speaking at a conference on insolvency reforms in the Middle East and North Africa (Mena) organised by Hawkama Institute of Corporate Governance, Al Hammadi said the Finance Ministry and the government are working on a new law that will bridge the gaps in the existing law.

* username: rupertbu