Workshops held on new UAE bankruptcy law

Training in taking place five months after the highly anticipated legislation came into effect
Workshops held on new UAE bankruptcy law
By Courtney Trenwith
Mon 29 May 2017 12:18 PM

Workshops designed to train the legal community on the implications of the UAE’s new bankruptcy law have been held in Dubai and Abu Dhabi.

The federal Ministry of Finance said it had organised the workshops in conjunction with Dubai Courts and Abu Dhabi Judicial Department, respectively, to help train “concerned parties”.

The UAE’s first bankruptcy law came into effect late 2016 and applies on to commercial entities. It makes the UAE one of the only Arab countries to have such legislation and is expected to support and bolster business by giving owners and managers the confidence to take calculated risks.

Dr Hussam Al Talhouni, legal advisor at the Office of the Minister of Finance, said the workshops were part of the government’s post-implementation phase.

"The ministry has taken into consideration all local, regional and international challenges alongside recent economic and social changes in preparing the law,” he said.

“It has been developed based on the trials and experiences of the UAE, alongside reviewing legal texts, notices have also been exchanged between different economic and local legal bodies in the UAE making it possible to reach a realistic law that provides legislative protection for investments and supports the sustainable economic development of the country.

“It is expected that this law will contribute to support the country's global competitiveness, helping to achieve a mature economy that guarantees the rights of individuals and institutions and meets the requirements of modern business models, in promoting credit and supporting confidence in business dealings."

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