An insolvency law can be a gamechanger for UAE | GulfNews.com:
"Towards the end of last year, it was announced that the UAE’s long-anticipated reform of the insolvency reform bill was reaching its final stages before implementation.
The legal framework was drawn up following the establishment of the Dubai World Tribunal that resulted from its inability to pay creditors in November 2009. The case cast a spotlight on the UAE, who until today does not have an officially passed insolvency bill that helps local businesses as well as international investors in manoeuvring the, at times, muddy waters of financial difficulty that many businesses experience at some point in their life cycle.
The end of 2013 saw the UAE move a step closer to implementing this, with the referral of a revised draft of the legislation to the Ministry of Justice. This was followed by an almost 12-month long discussion on the subject and its intricacies with representatives of the local government of all seven emirates."
'via Blog this'
No comments:
Post a Comment