A draft of the federal bankruptcy law recently approved by the UAE Cabinet is a very welcome development and is expected to yield significant economic benefits.
It also fits well with the UAE Vision 2021 National Agenda, one of whose targets is to make thecountry “the worlds first in ease of doing business” a spot that, as per the World Banks Doing Business 2016 report, is held by Singapore. The UAE ranks 31st overall out of 189 countries, but is as low as 91st in Resolving Insolvency, one of 10 applicable criteria.
The proposed new law should change that, but its effect on the rankings wont be instantaneous. There will need to be real evidence of improvement in terms of time to resolve insolvency, cost of insolvency to debtors and …
Read the full article at: http://www.thenational.ae/business/economy/a-uae-bankruptcy-law-is-welcome-but-business-gains-will-take-some-time
