Latest News

CONNECT, NOW.
We understand the importance of availability, and we act on it.

UAE to Introduce New Bankruptcy Law

5/9/2016

The UAE does not have modern bankruptcy regulations.

A long pending bankruptcy law may be finalized by the UAE by the end of this year; the economy minister said on Wednesday 31st of August, a move that could benefit smaller companies in particular as the economy slows because of low oil prices.

The UAE does not have modern bankruptcy regulations, making it complex for companies to restructure or wind themselves up. Under current legislation, unpaid debt or the issue of a bounced cheque can land businessmen in jail. Smaller companies have found this difficult as some executives or troubled firms have fled the country, with bad debts left behind. This new law would allow the cash-strapped companies to become more secure and revive their fortune.

You might also like...
Emiratisation Penalty upto AED 72,000/- Will Take Effect from 1 Jan 2023
Starting from 1 January 2023, private sector companies with 50 employees or more that have not raised Emiratisation targets by 2% of skilled jobs in 2022, will be fined according to the Ministry of Human Resources and Emiratisation (MoHRE).
read More
FTA Sets Deadline 31 December 2022 to Apply for Re-determination of Administrative Penalties on Taxes
The UAE's Federal Tax Authority (FTA) urged eligible registered taxpayers to apply for the re-determination of administrative penalties on taxes prior to the 31 December 2023 deadline.
read More
Facilities for Small Projects Subject to Corporate Tax
The Ministry of Finance revealed its intention to offer facilities for small projects subject to corporate and business tax, noting that details of these facilities will be announced during the first half of next year.
read More
SEE ALL INSIGHTS
Thanks, got it!
Something went wrong, please try again.

Use our online calendar to set up your own appointment and connect to an elawyer for a consultation.