The UAEs new federal insolvency law is expected to be receive final approvals “within weeks”, coming into effect from early 2017, according to Obaid Humaid Al Tayer, the Minister of State for Financial Affairs.
The new law, approved by the UAE cabinet on Sunday, creates mechanisms for insolvent companies to avoid bankruptcy and liquidation, modelled on international best practices, as well as the creation a Committee for Financial Restructuring consisting of both government and private sector insolvency specialists.
Speaking at the Ministry of Finance in Abu Dhabi on Tuesday morning, Mr Al Tayer said while laws approved by the cabinet were typically referred to the Federal National Council (FNC) for comment, the UAEs Constitution al…
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