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    UAE’s New Law on Financial Restructuring and Bankruptcy
    2023-11-24

    The UAE Gazette of 31 October 2023 includes Federal Decree-Law No. 51 of 2023 on Financial Restructuring and Bankruptcy (the “New Law”). Here are some highlights:

    - A section of the Courts is designated to monitor and administer bankruptcy and restructuring proceedings. This section is chaired by a Court of Appeal Judge.

    - Resolution of claims between debtors and creditors is encouraged; for example, by providing wider scope to debtors seeking Protective Composition.

    Filed under:
    United Arab Emirates, Insolvency & Restructuring, Litigation, Hadef & Partners
    Authors:
    Mohammed Al Dhaheri , Ghalib Mahmoud
    Location:
    United Arab Emirates
    Firm:
    Hadef & Partners
    Bankruptcy Law
    2024-06-26

    Federal Law Decree No 51 of 2023 concerning Financial Restructuring and Bankruptcy (the New Bankruptcy Law) came into effect in the UAE on 1 May 2024 and repealed the previous bankrupcty law, Federal Decree Law No 9 of 2016 (the Old Bankruptcy Law). All regulations issued under the Old Bankruptcy Law remain in force until new regulations are published, which will further clarify a number of points.

    Filed under:
    United Arab Emirates, Insolvency & Restructuring, Litigation, Hadef & Partners, Corporate governance
    Authors:
    Catriona McDevitt
    Location:
    United Arab Emirates
    Firm:
    Hadef & Partners
    Prevention is better than personal liability
    2022-04-05

    In Brief:

    Filed under:
    United Arab Emirates, Dubai, Insolvency & Restructuring, Litigation, Hadef & Partners
    Location:
    United Arab Emirates
    Firm:
    Hadef & Partners
    Hadef in the Courts: Hadef & Partners successfully obtained recognition of a foreign bankruptcy judgment by Abu Dhabi Courts
    2021-07-20

    In brief:

    The case we handled relates to:

    • enforcement of a Dutch bankruptcy judgment in the UAE;
    • application of principle of reciprocity; and
    • requirements of competency, justice and public policy.

    Background

    Filed under:
    Netherlands, United Arab Emirates, Insolvency & Restructuring, Litigation, Hadef & Partners
    Authors:
    Khalid El Sherif Abdulati , Howrey Kamal
    Location:
    Netherlands, United Arab Emirates
    Firm:
    Hadef & Partners
    New Amendments to the UAE Bankruptcy Law
    2020-12-09

    In the context of the current pandemic and its impact on businesses in the UAE, His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE enacted on 27 September 2020 amendments to Federal Law No 9 of 2016 (“Bankruptcy Law”) pursuant to Federal Decree Law No. 21 of 2020 which modify and supplement certain provisions of the Bankruptcy Law (“Amendments”).

    The Amendments will come into force at the time of publication in the official gazette.

    The Amendments modify and supplement the existing Bankruptcy Law. Specifically, they;

    Filed under:
    United Arab Emirates, Insolvency & Restructuring, Hadef & Partners
    Authors:
    Ahmad Sergieh
    Location:
    United Arab Emirates
    Firm:
    Hadef & Partners
    Directors’ Liability in Cases of Bankruptcy Under UAE Law
    2020-11-12

    In Brief:

    Directors have potential liability in cases of bankruptcy.

    Directors must be aware of their statutory obligations. For example, directors are obliged to:

    1. call for a general meeting if losses exceed half the share capital;
    2. keep proper books and records; and
    3. avoid wrongful trading.

    Background

    Filed under:
    United Arab Emirates, Insolvency & Restructuring, Litigation, Hadef & Partners, Bankruptcy, Coronavirus
    Authors:
    Ahmed Hadeed
    Location:
    United Arab Emirates
    Firm:
    Hadef & Partners
    How can businesses in financial stress benefit from insolvency procedures under UAE Bankruptcy Law
    2020-09-15

    Background

    The Bankruptcy Law (Federal Decree Law 9. of 2016 concerning bankruptcy) is the first comprehensive UAE law to deal with and delineate insolvency procedures. It offers a number of roadmaps which a business in financial hardship can take advantage of with a view to continuing to trade.

    During the current times, it is useful to assess these options.

    Government mediation and conciliation

    Filed under:
    United Arab Emirates, Insolvency & Restructuring, Hadef & Partners, Bankruptcy
    Authors:
    Ahmed Hadeed
    Location:
    United Arab Emirates
    Firm:
    Hadef & Partners
    UAE Personal Insolvency Law
    2019-12-15

    In brief

    Filed under:
    United Arab Emirates, Insolvency & Restructuring, Hadef & Partners
    Location:
    United Arab Emirates
    Firm:
    Hadef & Partners
    Netting - A detailed analysis
    2019-07-07

    Given the absence of any mandatory set-off rights on insolvency in the current UAE Bankruptcy Law, the application and effectiveness of netting provisions in financial market contracts made with a UAE counterparty has historically been uncertain.

    Filed under:
    United Arab Emirates, DIFC, GCC, Derivatives, Insolvency & Restructuring, Hadef & Partners, Capital requirement, International Swaps and Derivatives Association
    Location:
    United Arab Emirates
    Firm:
    Hadef & Partners
    Netting in the UAE
    2018-11-12

    In brief:

    Filed under:
    United Arab Emirates, Insolvency & Restructuring, Hadef & Partners, Bankruptcy, Derivatives market, International Swaps and Derivatives Association, Trustee
    Authors:
    Alan Rodgers
    Location:
    United Arab Emirates
    Firm:
    Hadef & Partners

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