The absence of a legal framework for bankruptcy has long been a hindrance to UAE business.
In the past, financial problems spelled trouble for companies, as local courts could not be persuaded to offer a moratorium on debt, which would have given firms the chance to restructure their business and finance. In the absence of proper bankruptcy laws, even a bounced cheque could land an entrepreneur in jail.
It comes as no surprise, therefore, that the introduction of a new bankruptcy law in the UAE is being lauded as a huge …
Read the full article at: http://gulfbusiness.com/unravelling-uaes-bankruptcy-law/