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.

The Corporate Insolvency and Governance Act 2020 (Act) received Royal Assent on 25 June 2020. The majority of its provisions commenced on 26 June 2020, with the exception of the temporary measures which have retrospective effect from 1 March 2020.

1. TEMPORARY PROVISIONS

WHAT HAS CHANGED?

Key insolvency provisions: a practical guide to what has changed and why

TEMPORARY PROVISIONS

1. SUSPENSION OF WRONGFUL TRADING PROVISIONS

What's changed?