World Economy

UAE Adopts New Bankruptcy Law

UAE Adopts New Bankruptcy LawUAE Adopts New Bankruptcy Law

The UAE cabinet has adopted the final draft of the federal law on bankruptcy which allows companies and individuals to restructure their debt while avoiding bankruptcy liquidation, TradeArabia reported. Sheikh Hamdan bin Rashid Al Maktoum, the deputy ruler of Dubai and UAE minister of finance said, the new draft law will help strengthen the financial, economic and legislative system in the UAE by putting in place a separate and modern law to avoid bankruptcy cases, including financial restructuring, composition procedures, restructuring debts and liquidation funds.