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…
UAE expat residents who find themselves in financial difficulties, indebted to the point where their options are limited, fleeing to the airport with hastily packed overstuffed cases and a one-way ticket out of town, should breathe a sign of relief. The UAE Cabinet has recently issued its long-awaited personal Insolvency Law, meaning the number of…
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…
An Overview In his capacity as the Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, issued the Dubai International Financial Center (DIFC) Act No. 1 of 2019 on Insolvency (hereinafter referred to as the “New Law”). The New Law reaffirms the commitment of the…
UAE President His Highness Sheikh Khalifa bin Zayed Al Nahyan has issued the Federal Law on ‘Netting’, its provisions shall apply to all qualified financial contracts and netting agreements specified under this law which are entered into by any person in the state. The law seeks to strengthen the legislative framework for the settlement of…
