A draft of the UAE's new insolvency law outlines plans to decriminalise the bankruptcy process.
The proposed changes are out for consultation among government officials.
Some of the most significant changes set out in the draft include a move away from a purely court-driven insolvency procedure, while making the requirements for entering into insolvency proceedings more cost-effective and easier to implement, said Hadef & Partners, one of the law firms that helped draft the proposed law.
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