UAE waits to turn the corner on bankruptcy | The National:
"Ask any commercial lawyer or investment banker about their wish list for legal reform in the UAE, and a new insolvency law is invariably near the top of the list. A modern insolvency regime, one which allows companies to enter court-driven insolvency and restructuring procedures, is widely regarded as essential for the country’s economic development.
Now there are signs that such a new law may be coming closer to reality.
At the end of last year, the Ministry of Finance submitted a revised draft of a new insolvency law – modelled largely on French, German and US regimes – to the Ministry of Justice for its approval. Last week a source familiar with the process said that the ministry was close to giving its stamp of approval for the new law, pending some minor alterations."
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