How the UAE's New Insolvency Law Will Help Residents In Chronic Debt

A new insolvency law to help UAE residents clear bad debts will ease the burden of heavy liabilities as the threat of criminal sanctions is removed, according to analysts, The National reported. The federal law, passed by the UAE Cabinet on Sunday, protects Emiratis and residents in debt from legal prosecution and decriminalises their financial obligations, offering them an opportunity to work to resolve their financial dilemma while still supporting their families. “As the UAE advances its positioning as a regional economic hub and financial safe haven, regulations too will evolve to support the financial wellbeing and stability of local entrepreneurs and business owners," says AbdulAziz Al Ghurair, chairman of the UAE Banks Federation. Read more