UAE insolvency law to follow US Chapter 11 bankruptcy proceedings | The National:
"The long-awaited insolvency law is expected to contain provisions for corporate bankruptcy modelled on Chapter 11 proceedings in the US, a government official said yesterday.
Fahad Al Raqbani, director general of Abu Dhabi Council for Economic Development, said that the upcoming insolvency law will introduce a corporate bankruptcy procedure similar to the US Chapter 11 bankruptcy process. Chapter 11 proceedings allow companies to renegotiate the terms of their debts with creditors.
“It is a very important law, [and will] encourage people to declare the insolvency of their companies,” Mr Raqbani said. “It will cover investors’ rights … and support the economy.”"
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