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What All You Should Know About Bankruptcy Law Of UAE?
2020-01-08

The new Bankruptcy Law (Federal Law Number 9 of 2016) is seen as a strategically improved law in comparison with previous insolvency laws. Having said that the Bankruptcy Law so far covers the following:

i. Permits organizations in money related issues and provides the chance to rearrange their issues so as to stay suitable;

ii. Companies failing to stay financially viable, offers them a chance to seek liquidation;

Filed under:
United Arab Emirates, Insolvency & Restructuring, Litigation, Hassan Elhais, Debtor
Authors:
Dr. Hassan Elhais
Location:
United Arab Emirates
Firm:
Hassan Elhais
View Original Article
Insolvency law: The objectives and the mechanisms
2019-12-16

Insolvency Law No. 9 of 2019 enters into force from January 2020, which is the year of economic and social betting on development and aspiration for a happier and more stable country.

What is the role of the insolvency law in this context?

Filed under:
United Arab Emirates, Insolvency & Restructuring, Alsuwaidi & Company, Debtor
Location:
United Arab Emirates
Firm:
Alsuwaidi & Company
View Original Article
Affect of Recent UAE Bankruptcy Legislation on Businesses Facing Cash Flow Difficulties
2019-10-15

In March of 2019, an Emirati limited liability company (the “LLC”) had restructured its debts under the Bankruptcy Law; Federal Decree-Law No. 9 of 2016 which was first published in the Official Gazette on 29 September 2016 and came into force on 29 December 2016.

Under Chapter 4 of the Bankruptcy Law the Bankruptcy Circuit of the Abu Dhabi Primary Court oversaw the restructuring of the LLC under which had been operating in the contracting industry since 2008 and had debts exceeding eighteen times its paid-up capital.

Filed under:
United Arab Emirates, Company & Commercial, Insolvency & Restructuring, Wasel & Wasel, Debtor, Board of directors
Authors:
Mahmoud Abuwasel
Location:
United Arab Emirates
Firm:
Wasel & Wasel
View Original Article
Payment Orders: An Option for Debt Collection but the Devil is in the Details
2019-09-27

The UAE Government recently passed legislation that substantially simplifies the procedure for obtaining a payment order.

Payment orders may offer an efficient method to obtain ex parte judgement against a debtor. They are frequently used when claiming amounts arising from bounced checks or other commercial instruments.

Filed under:
United Arab Emirates, Insolvency & Restructuring, Litigation, Debtor
Location:
United Arab Emirates
View Original Article
Keeping up with the Trend: The New DIFC Insolvency Law
2019-06-26
  • Introduction

    The latest in the series of insolvency regime reformations in the Middle East is the new Dubai International Financial Centre insolvency law; DIFC Law 1 of 2019 (the New Law). Subject to article 1(4) of the New Law, the New Law repeals and replaces DIFC Insolvency Law 3 of 2013 (the Old Law). Article 3 of the New Law states that it applies in the jurisdiction of the DIFC, meaning that it applies to all DIFC incorporated entities. The New Law will come into force on 28 August 2019.

Filed under:
Global, United Arab Emirates, Insolvency & Restructuring, Trade & Customs, Afridi & Angell, Debtor
Location:
Global, United Arab Emirates
Firm:
Afridi & Angell
View Original Article
New UAE Insolvency Law
2017-01-19

January 2017

Practice Group: Banking & Asset Finance

New UAE Insolvency Law

By Simon Mabin

Executive Summary

The new bankruptcy law was published in the Official Gazette dated 29 September 2016 following the issuance of Federal Decree Law No.9 of 2016 on Bankruptcy (the "Bankruptcy Law"). The Bankruptcy Law is expected to become effective in December 2016 / early 2017.

Filed under:
United Arab Emirates, Insolvency & Restructuring, Bankruptcy, Debtor, Liquidation, Dubai International Financial Centre
Location:
United Arab Emirates
View Original Article
Declaring a Debtor Bankrupt in the UAE
2016-08-24

A declaration of bankruptcy, according to Article 645 of the Commercial Transactions Law, can be imposed on any trader who ceases to pay some or all of its commercial debts. While a debtor’s cessation of payment is a presumption against him, the trader might not be considered bankrupt if the failure to pay is due to a dispute regarding the debt. In other words, it is important to prove that the debtor ceased to pay a certain commercial debt due to financial distress and credit issues.

Filed under:
United Arab Emirates, Insolvency & Restructuring, Litigation, Al Tamimi & Company, Bankruptcy, Costs in English law, Credit (finance), Debtor, Res judicata and issue estoppel, Debt, Default (finance)
Location:
United Arab Emirates
Firm:
Al Tamimi & Company
View Original Article
Changes Expected to the Saudi Arabian Bankruptcy Law
2016-07-31

The proposed changes to the Saudi Arabian bankruptcy regime will provide the judiciary the right to obligate creditors to accept a settlement proposed by the debtor (the “new Law”).

The Ministry of Commerce and Investment is currently in the latter stages of reforming the Kingdom’s bankruptcy laws and regulations. The new Law is intended to replace certain sections in the Commercial Court Law and the Bankruptcy Protecting Settlement Law dealing with bankruptcy.

Filed under:
United Arab Emirates, Banking, Insolvency & Restructuring, Al Tamimi & Company, Bankruptcy, Debtor, Debt, Mortgage loan, Liquidation, Default (finance), Commercial Court (England and Wales)
Location:
United Arab Emirates
Firm:
Al Tamimi & Company
View Original Article
An Overview of the UAE Insolvency Regime and its Effectiveness
2016-07-25

In these challenging economic times, some businesses are struggling to cope with financial pressures and financiers are concerned with their customers’ ability to service their financing arrangements. An effective insolvency regime is, therefore, an important element of financial system stability. The statutory insolvency regime in the United Arab Emirates (“UAE”) has often been regarded as under-developed and remains largely untested.

Filed under:
United Arab Emirates, Company & Commercial, Insolvency & Restructuring, Litigation, Al Tamimi & Company, Bankruptcy, Debtor, Debt, Economy
Authors:
Renata Rai
Location:
United Arab Emirates
Firm:
Al Tamimi & Company
View Original Article
Attaching assets in the UAE: an effective tool for claim creditors
2015-07-29

There is a wide range of precautionary attachment options in the UAE which creditors in the region should take into account.

Filed under:
United Arab Emirates, Banking, Insolvency & Restructuring, HFW, Debtor
Location:
United Arab Emirates
Firm:
HFW
View Original Article

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