UAE amends bankruptcy law to cover pandemic situations

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Bankruptcy Law in UAE Amendments is Now Approved to Cover Pandemic Situations.

Under the chairmanship of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of 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.

This is good amendments as it will give facility to repay the debts in installments (however it has to be cleared in 12 months). The significant point is that, the money necessary for running the business (day to activities), shall not be touched to enable the debtor to run the business during liquidation proceedings.

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