image description
image description
Tell A Friend

FinancialNews


  • 25-10-20

    UAE alters Bankruptcy Law

    (MENAFN) The UAE Cabinet has permitted alterations be made to the Bankruptcy Law to shelter industries in "emergency situations" such as the present Covid-19 outbreak.

    The government is working on improving the legal and legislative structures in all aspects of its economy. The alterations are based on adding new stipulations to the law in reference to "emergency situations" that interrupt trade or investment.

    WAW news agency has reported that the changes' main objective will be supporting people and industries to conquer credit challenges in trying time, such as pandemics, natural and environmental disasters and wars.

    While also working on guaranteeing fulfillment of obligations, and justifying non-payment loss given without intolerance towards the bankruptcy law, simultaneously making it possible for creditors to secure their rights.

    WAW explained that the new alterations dictate that the debtor shall be excused from starting procedures to declare bankruptcy. If the debtor raises an application that would be accepted by the competent court, he could achieve a settlement with creditors or he could ask for a grace period, or even discuss a debt settlement within a time frame that cannot exceed 12 months.

    MENAFN2510202000450000ID1101013286

Follow us

RSS
Terms & Conditions  |  Privacy & Security  |  Contact Us  | Sitemap
© 2024 BBK  |  All Rights Reserved