Insolvency & Restructuring in the UAE in association with The Oath. The UAE has had a run of unprecedented economic expansion over the last few decades and has been roiled by waves of economic uncertainty. This has been further intensified by the worldwide financial crisis of the millennium’s first decade and the ongoing COVID-19 pandemic.…
In the following series of articles, Barry Greenberg provides the reader with a comprehensive look at bankruptcy proceedings in the UAE, from beginning to end. The series consists of: Part 1: Procedures before filing bankruptcy Part 2: Suspension of the Debtors’ obligations in Bankruptcy Part 3: Bankruptcy: Settlement with creditors Procedures before filing bankruptcy…
The rise in the number of companies facing severe financial distress is an unavoidable fact of today’s economic market. The underlying causes of this distress are several and include the unresolved debt overhang from the last debt crisis, the slash in petroleum prices that began in 2015, and of course, the devastating effects of the…
Certain enhanced protections of debtors under the UAE Bankruptcy Law – Federal Law No. 9 of 2016 – which were previously put into place on an emergency basis in response to the Covid pandemic, have now expired. Debtors and creditors who have acted in reliance upon the enhanced provisions should now consider the proper steps…
The legal and regulatory landscape is constantly evolving, meaning businesses have to remain agile in order to continue to progress. The past 12 months have been a true testament to the importance of adapting to unprecedented situations as the COVID-19 pandemic wreaked havoc on entire economies. Arsalan Tariq discusses the trends and changes impacting businesses…
The worldwide economic distress caused by the ongoing Covid-19 pandemic has certainly not spared the GCC region. The pandemic has exacerbated the region’s pre-existing economic challenges, many of which date from the prior distresses that occurred ten years ago and were never fully remediated. This has led to a knock-on effect whereby many corporate interests…
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…
The new UAE Bankruptcy Law was widely discussed and debated upon its introduction in 2016. Brought in to encourage a ‘rescue culture’, the regulations were hailed as a significant move in the right direction for the UAE as an international business hub. The new law has now had several years to embed, and the legislature…
The creation of a strong legal framework for commercial companies will positively impact the growth of FDI in the UAE Dubai is in the final countdown for the preparation of the long-awaited Expo 2020, which is set to open a year from now, in October. This is a key event set to take place in…
Prior to the recent passing of the Omani Royal Decree No 53/2019 (the “Bankruptcy Law”), Oman law contained limited legislation governing the area of bankruptcy. The Commercial Law issued by the Royal Decree No 55/1990 and the Commercial Companies Law issued by the Royal Decree No 4/1974 and their related amendments continued to provide the…
Starting your own business is one of the most exciting decisions you can take. But it is imperative to follow fundamental rules and keep certain key considerations in mind to avoid facing financial issues that may lead to bankruptcy. Here are five factors to keep in mind when managing your finances as a startup: 1.…
Q1: Key considerations on how a multinational business can set up as a group in the region The United Arab Emirates (“UAE”) economy continues to flourish and be attractive to businesses from around the world. The potential options available to foreign multinational companies to undertake business or commercial activities in the UAE are set out…
