The UAE Gazette of 31 October 2023 includes Federal Decree-Law No. 51 of 2023 on Financial Restructuring and Bankruptcy (the “New Law”). Here are some highlights:

- A section of the Courts is designated to monitor and administer bankruptcy and restructuring proceedings. This section is chaired by a Court of Appeal Judge.

- Resolution of claims between debtors and creditors is encouraged; for example, by providing wider scope to debtors seeking Protective Composition.