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 provisions of the UAE’s Bankruptcy Law and its impact on debtors and creditors.
The workshop, held at Dubai Chamber’s premises, was attended by Dubai Chamber members, lawyers, legal professionals, general managers, business owners, corporate counsel,
investors, financial managers, chartered accountants, risk managers and financial auditors.
Jimmy Haoula, Managing Partner and Nadim Bardawil, Senior Associate of BSA Ahmad Bin Hezeem & Associates LLP led the workshop and briefed participants on the various provisions of the regulation and highlighted the key differences between the new law and previous provisions of the Commercial Companies Law which dealt with bankruptcy, the impact of the law on businesses in the UAE, and procedures related filing for bankruptcy.
Jimmy Haoula, Managing Partner, said, “The workshop provided a unique opportunity to clear up any misconceptions surrounding the UAE’s Bankruptcy Law,” and further explained that the event “offered clarity for UAE businesses on their rights and responsibilities under its framework.”
For her part, Jehad Kazim, Director of Legal Services Department at Dubai Chamber, said, “The introduction of the latest UAE bankruptcy law was an important development which has helped ensure a more business friendly environment.”
She stressed the importance for companies in the UAE to be informed about regulatory developments, rights and obligations under the bankruptcy law and the processes which should followed in this scenario.
Dubai Chamber regularly organises training seminars and workshops to raise awareness about key business trends and laws impacting the emirate’s private sector. These events fall in line with its strategic objectives of creating a favourable business environment and supporting business growth in the emirate.