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The UAE – June 2024
© Copyright LexisNexis 2024. All rights reserved.
3 June 2024
/
Author(s):
Robin Hickman
,
Philip Chalmers
,
Maral Nafar
,
Gemma Gregory
,
Charles Newman
Significant Step Forward: New UAE Bankruptcy Law
The New Bankruptcy Law (Federal Law Decree No 51 of 2023) came into effect in UAE on 1 May 2024 replacing the previous law (Federal Decree-Law No 9 of 2016). While maintaining much of the old law’s structure it introduces significant changes for creditors and debtors including the recognition of both natural and legal persons as “debtors”. The law retains emergency financial crisis provisions from the old law and is expected to impact restructuring and insolvency cases in the UAE.
Introduction
On 1 May 2024 Federal Law Decree No 51 of 2023 concerning Financial Restructuring and Bankruptcy (New Bankruptcy Law) came into effect in the UAE. The New Bankruptcy Law repeals the previous bankruptcy law Federal Decree-Law No 9 of 2016 (Old Bankruptcy Law) in all respects. Much of the architecture of the Old Bankruptcy Law remains broadly...
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