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In 2021, United Arab Emirates issued a new law, “ Insolvency Law “ regarding persons who are unable to fulfil their debts by virtue of judicial verdicts, by investigating their financial conditions through specialized experts who are assigned to verify the insolvency so as to prove the inability to fulfil the debts. Based on the Expert’s report, the court issues its final judgment and declare the insolvency of the person.
The same the matter is followed regarding the bankruptcy of corporates.
Federal Bankruptcy Law No. (9) of 2016 – and the last amendments thereto by Decree-Law No. (35) of 2021 – is the applicable law governing the bankruptcy lawsuits and financial reorganization processes, since United Arab Emirates seek, through various legislations, to enable companies to continue their business and provide ways to avoid bankruptcy procedures through the financial restructuring processes and the possibility of obtaining new loans according to special conditions… etc. These means aim at achieving sustainability and stabilizing the financial situation in the market.
Our Experienced team of specialized lawyers works to handle and follow up the procedures whether prior to or after initiating the bankruptcy procedures, in order to avoid the bankruptcy in the first place or to mitigate its effects if bankruptcy occurred.
Further, Bankruptcy procedures are also initiated before the competent courts in order to reduce the effects and burdens of these procedures on the debtor and to preserve the rights.