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Creditors Debtors United Arab Emirates (UAE)

King & Spalding

The 2024 UAE Financial Restructuring and Bankruptcy Law: What is New?

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On 31 October 2023, Federal Law Decree No. (51) concerning Financial Restructuring and Bankruptcy (the New Law) was published in the UAE Federal Gazette. The New Law comes into force on 1 May 2024 and will repeal the 2016 Law...more

Awatif Mohammad Shoqi Advocates & Legal...

UAE Insolvency Law - What You Should Know

Introduction: In any dynamic economy, financial challenges can arise, leading individuals and businesses to face insolvency. To address these situations and provide a structured outline for resolving them, the UAE enacted...more

Dechert LLP

UK Court Rules Debtor Cannot Use Corporate Vehicle to Evade Liability

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Section 423 of the Insolvency Act 1986 allows for the reversal of certain transactions at an undervalue that are intended to prejudice the interests of creditors. The scope of Section 423 is extensive and may be used to...more

Dechert LLP

Revisiting the DIFC Insolvency Law in the Context of the COVID-19 Crisis: An Innovative Toolkit for the Turnaround of Troubled...

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In the wake of the high profile collapse of the private equity firm Abraaj Capital, the Dubai International Financial Centre (“DIFC”) updated its insolvency regime with the introduction on June 13, 2019 of the new DIFC...more

Dechert LLP

The UAE Bankruptcy Law: Stepping up to the challenges raised by the COVID-19 crisis

Dechert LLP on

With the significant strain placed on market participants as a result of the combined impacts of the global COVID-19 pandemic, the oil price war and the ensuing liquidity and credit crunches, we expect that a number of...more

King & Spalding

Long Anticipated Bankruptcy Law Goes Into Effect

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On 20 September 2016, the new Bankruptcy Law (the Law) for the UAE was enacted. The Law was gazetted on 29 September 2016 and comes into effect on 31 December 2016. The Law will be supplemented by procedural regulations to be...more

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