UAE Bankruptcy Law

UAE Bankruptcy Law Amendments: Directors’ and Managers’ Personal Liability

UAE Bankruptcy Law Amendments The UAE Federal Decree-Law No. 9 of 2016, known as the Bankruptcy Law, has been amended pursuant to Federal Decree-Law No. 35 of 2021, to clarify the circumstances under which a debtor’s directors and managers may be held personally liable for the company’s debts if they cannot be repaid. Bankruptcy Law…

UAE Bankruptcy law

Marka Group Bankruptcy Update

All UAE business owners and managers should be aware of the very recent decision of the Dubai Court of First Instance in the matter of the Bankruptcy of Marka Holdings PJSC, which is indicative of the risk that a company’s Managers and Directors may face in an underfunded bankruptcy under the provisions of the UAE…

Bankruptcy Law Update

Bankruptcy Law Update Additional Debtor Relief Options Announced “On 21 October 2020, the Cabinet of the UAE approved amendments to the UAE Federal Law No. 9 of 2016, known as the Bankruptcy Law, which is intended to alleviate financial distress caused by the COVID-19 pandemic as well as other “emergency situations”.While the details of the…

UAE Bankruptcy Law Updates

Context Misconceptions persist among business owners and directors as to the purpose of the UAE Bankruptcy Law and its comparative likeness to international counterparts, notably the US Bankruptcy Code. All too often they mistakenly regard the regulations as a magic bullet which can make their financial problems disappear. They fail to appreciate the myriad drawbacks…

Restructuring & Bankruptcy

Restructuring & Bankruptcy Overview Over the last year, BSA’s industry-leading legal advisors have been instrumental in some of the largest restructuring and insolvency cases in the region. Acting on behalf of both debtors and creditors, we find our clients solutions to their NPLs, underfunded liabilities, and other areas of financial distress, by considering all options…

An Introduction To Bankruptcy In The UAE

The UAE Bankruptcy Law is viewed as an improvement over the prior insolvency laws (as outlined in the Commercial Transactions Law), insofar as the Bankruptcy Law: 1. allows companies in financial difficulty the opportunity to reorganize their affairs in order to remain viable; 2. or in the absence of the ability to remain viable, allows…

BSA & Dubai Chamber Host Bankruptcy Workshop

Dubai Chamber of Commerce and Industry recently organised a workshop in collaboration with BSA Ahmad Bin Hezeem & Associates LLP which provided valuable information about the UAE Bankruptcy Law and its impact on both debtors and creditors in the country. The sessions led by BSA Ahmad Bin Hezeem & Associates LLP, briefed participants on various…

Bankruptcy Proceedings in Oman

Although there is no separate bankruptcy law in Oman, both the Commercial Code of 1990 and the Commercial Companies Law of 1974 provide a framework for the bankruptcy of traders and liquidation of insolvent companies. Under the laws of Oman, bankruptcy of a person must be declared by the Court. Article 579 promulgates that, “Every…