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.

This note sets out the top ten issues for boards of companies and businesses facing the challenge of the Covid-19 crisis. Companies may have other considerations but we hope that these will go some way towards addressing the key points to bear in mind in this crisis. As such, they represent a snapshot of the current state of the law and will need to be checked to reflect any changes that may come into effect.

Statutory duties