Financial liability in terms of multiple loans or credit cards is to be best handled by availing the option of a ‘Debt consolidation loan in UAE’. There are several banks in the UAE providing the services of a ‘debt consolidation loan’. As per the latest surveys, it is seen that at least three in five UAE residents have outstanding debts of various nature and therefore can benefit from the Debt consolidation services.

How it works:

This article provides for the insolvency law for the companies who are facing losses and are opting for deceleration of insolvency during the pandemic. Covid -19 pandemic has not only disturbed the financial conditions of an individual but has skeptically burdened the companies around the world.

It is quite obvious that coronavirus has somewhat brought the economy to a halt for a certain time and the government across countries are trying every bit possible to revive it. COVID-19 has affected all organizations and economies as apparent from the steep decrease in demand and supply of products, social distancing and termination of commercial contracts due to failure in performing contractual obligations.

Introduction of the Bankruptcy Law was a major step forward and was influenced by features of a number of insolvency law regimes in other jurisdictions, as well as international insolvency law trends. On 24 October 2020, the UAE Cabinet announced its decision to amend Federal Law No. 9 of 2016 (the “Bankruptcy Law”) by adding certain provisions covering emergency situations, including pandemics and natural disasters as businesses around the world are facing new and acute challenges in the wake of the COVID-19 pandemic.