The New Bankruptcy Law (Federal Law Decree No 51 of 2023) came into effect in UAE on 1 May 2024, replacing the previous law (Federal Decree-Law No 9 of 2016). While maintaining much of the old law's structure, it introduces significant changes for creditors and debtors, including the recognition of both natural and legal persons as 'debtors'. The law retains emergency financial crisis provisions from the old law and is expected to impact restructuring and insolvency cases in the UAE.

Introduction

DO YOUR DIRECTORS HAVE SUFFICIENT TOOLS AVAILABLE TO ALERT THEM TO CIRCUMSTANCES THAT COULD INDICATE FINANCIAL DIFFICULTIES IN A COMPANY AND ASSIST THEM IN ANY FUTURE RESTRUCTURING DECISIONS?

Good Financial tools will enhance Directors' understanding the company's financial position and alert them to any early signs of potential financial difficulties.

FINANCIAL DIFFICULTIES