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.

New Federal Law No. 266-FZ dated 29 July 2017 (the Amendment Law) introduces notable changes to Russia’s insolvency rules. Importantly, the law does away with the original provisions on vicarious liability of controlling persons in RF Law No. 127-FZ on Insolvency of 26 October 2002 (the Insolvency Law). The Amendment Law expands this concept in a series of new clauses. The rules came into force 30 July 2017.

The new personal bankruptcy law enters into force on 1 October 2015

The new personal bankruptcy law enters into force on 1 October 2015. Individuals will now be allowed to go bankrupt while creditors are left to struggle. The rules have caused much apprehension and it remains to be seen how business will operate in the new environment.