Long-awaited federal bankruptcy law decreed

After it had been approved by the Cabinet last month, the new law was issued by decree yesterday. The regulation will come into effect three months after being published in the official gazette. The law provides, for the first time, a comprehensive legal framework to help distressed companies in the UAE to avoid bankruptcy and liquidation. It further contains provisions to safeguard the rights of creditors and debtors, including measures that prioritize secured creditor rights and enable companies to restructure without unanimous creditor approval.

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