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.

Part 1: termination rights

The Corporate Insolvency and Governance Act 2020 (CIGA 2020) introduces important changes to the operation of cross-border insolvency regulations and impacts more broadly on the potential remedies available in the maritime sector to recover debts. In this two-part series, we consider first CIGA 2020, the Cross-Border Insolvency Regulations 2006 (CBIR) and termination rights, and in the second part, we review CIGA 2020, liens and set-off claims.

In these unprecedented times, all businesses will be facing issues they have never encountered before. The disruption caused by the measures imposed to combat the COVID-19 outbreak are significant and wide-reaching, impacting every business and its suppliers, customers, workforce, investors and lenders.

In these unprecedented times, the U.K. government is seeking to preserve U.K. businesses and has already introduced significant measures to achieve that aim, including: