The UAE bankruptcy law will be a significant catalyst for inward investment, said chief executive of DIFC Courts.
On Monday, UAE President Sheikh Khalifa bin Zayed Al Nahyan issued a long-pending decree on bankruptcy laws in the country with the bill expected to come into force in late December or early January.
“The new bankruptcy law will make a ‘massive’ difference to the UAE’s ability to attract inward investment,” Mark Beer told The National.
“If a business has a problem it can come to a court such as DIFC Courts and get speedy resolution, but if it the debtor simply can’t pay its debts, the new insolvency law provides a system that protects jobs, gives certainty and maximises creditor returns,” he added.
Mauricio Zuazua, a partner with AT Kearney, previously said the new law would encourage greater levels of investment from foreign small and medium enterprises.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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