Sheikh Khalifa, the President, on Monday issued the long-awaited new federal bankruptcy law by decree, according to the state news agency Wam.
The law, which contains elements of bankruptcy protection laws from jurisdictions including France, Germany and the Netherlands, provides, for the first time, a comprehensive legal framework to help distressed companies avoid bankruptcy and liquidation.
Under the terms of the federal constitution, the new law will come into effect three months from its publication in the countrys official legal gazette.
A senior official at the Ministry of Finance, who asked to remain anonymous, said that the new law had already been published in the gazette, and would come into effect in late December or early Jan…
Read the full article at: http://www.thenational.ae/business/economy/sheikh-khalifa-decrees-bankruptcy-law
