UAE Cabinet amends bankruptcy law to help businesses overcome unforeseen situations

  • Date: 22-Oct-2020
  • Source: Gulf Today
  • Sector:Economy
  • Country:UAE
  • Who else needs to know?

UAE Cabinet amends bankruptcy law to help businesses overcome unforeseen situations

UAE Cabinet amends bankruptcy law to help businesses overcome unforeseen situations

an hour ago

Picture used for illustrative purpose only.

The UAE Cabinet, under the chairmanship of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE and Ruler of Dubai, has approved amendments to the provisions of the Federal Law by Decree No.(9) of 2016 on Bankruptcy as part of the government's continuous efforts to develop the legal and legislative frameworks in the various sectors, particularly the economic sector, which is a fundamental pillar within the UAE strategy for the next fifty years.

 

The amendments stipulate the addition of new provisions to the law with regards to "emergency situations" that impinge on trade or investment, in order to enable individuals and businesses to overcome credit challenges in times