UAE bankruptcy law in effect: First firm restructured successfully:
A UAE company has for the first time successfully restructured its debts under the country’s bankruptcy law.
The Abu Dhabi Judicial Department — through the Bankruptcy Department of the Abu Dhabi Court of First Instance — has allowed the company to restructure its debts and resume business under Chapter 4 of Federal Law No. 9 of 2016.
The company, which was not named, is a limited liability company founded in 2008 “to carry out contracting work,“ according to a statement from WAM.
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