UAE makes progress on new insolvency laws | The National:
"The UAE’s new and long awaited insolvency law has moved a step closer to reality, with the referral of a revised draft of the legislation to the Ministry of Justice for its approval.
A person with knowledge of the matter said the Ministry of Finance had completed the draft and recently submitted it to the legislative council of its sister ministry.
This follows more than 12 months of discussions on the individual provisions of the legislation with representatives of the local governments of all seven emirates.
Should the draft legislation be approved, it will have to receive approvals from the council of ministers, the Federal National Council, and finally the president’s office."
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