On 31 October 2023, Federal Law No. 51 of 2023 Promulgating the Financial and Bankruptcy Law (the Bankruptcy Law) was published in the United Arab Emirates (UAE) Official Gazette, repealing the prior federal law on bankruptcy (Federal Law No. 9 of 2016, the Prior Law) and significantly developing the bankruptcy regime in the UAE.

Summary: Customers of a company in administration were entitled, as against a factor, to exercise equitable set-off in respect of entitlements to rebates that had arisen between the customers and the company notwithstanding the assignment of the customer’s debts to the factor.

Bibby Factors Northwest Ltd v HFD Ltd [2015] EWCA Civ 1908 (17 December 2015)

Background