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.

German legislator finally introduces tax exemption for income resulting from debt waivers in restructuring scenarios with retroactive effect.

To date, a debt waiver has been frequently used as a tool to successfully restructure German-based companies in financial difficulties.