The UAE bankruptcy law is based on economic principles and supports the nation’s competitiveness globally, building an economy that guarantees the rights of individuals as well as institutions, while balancing interests and justice for both creditors and debtors.
Monday 06, May 2019
The UAE’s Ministry of Finance (MoF) has explained the Federal Law No. (9) Of 2016 on bankruptcy law and financial restructuring procedures, which supports the nation’s legislative structure, protects its investors as well as strengthens the nation’s position in various global competitiveness indices, attracting more foreign direct investment (FDI).
HE Younis Haji Al Khoori, the Undersecretary of MoF and Chairman of the Financial Restructuring Committee, said that the bankruptcy law contributes to achieving a comprehensive and sustainable development by providing a safe investment climate that encourages investment in the country as well as strengthens the UAE’s leading position in various indicators of global competitiveness.
The bankruptcy law contributes to raising the level of credit and financial security in the country by enhancing investor confidence and stimulating the nation’s economy by allowing people in financial difficulty to reorganise their financial affairs and repay their debts.
Additionally, the bankruptcy law contributes to the application of transparent, clear and fair rules, preserving the rights of investors and has a positive impact on investment as well as liquidity in the country.