Further to our previous update, the UAE Cabinet has announced the existence of an Emergency Financial Crisis through the Official Gazette dated 31 January 2021.
As announced this week, the UAE Cabinet has approved a further amendment (Amendment Law) to Federal Law No 9 of 2016 (the Corporate Bankruptcy Law). The Amendment Law follows the previous amendment of the Corporate Bankruptcy Law in 2019 (pursuant to Federal Law No 23 of 2019).
The Amendment Law is yet to published in the official gazette, and therefore its effective date is yet to be confirmed. However, in this alert we look at the anticipated content of the Amendment Law.
Primary Change – Emergency Financial Crisis
As announced this week, the UAE Cabinet has approved a further amendment (Amendment Law) to Federal Law No 9 of 2016 (the Corporate Bankruptcy Law). The Amendment Law follows the previous amendment of the Corporate Bankruptcy Law in 2019 (pursuant to Federal Law No 23 of 2019).
The Amendment Law is yet to published in the official gazette, and therefore its effective date is yet to be confirmed. However, in this alert we look at the anticipated content of the Amendment Law.
Primary Change – Emergency Financial Crisis