The UAE Cabinet, headed by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has approved amendments to the bankruptcy law to aid companies and individuals in times of MAJOR emergencies.
Moreover, the new changes made to the law takes into account unforeseeable emergency situations such as an epidemic and natural or environmental disasters.
Taking these factors into consideration, the new amends will be put in place to help individual entities and organizations overcome financial difficulties during such unforeseeable emergencies.
The Council approves amending some provisions of the bankruptcy law, as part of the government’s continuous efforts to continue developing the legal and legislative frameworks for various sectors, especially the economic sector, which is a fundamental pillar within the UAE strategy for the next 50 years
The latest amendment will enable individuals and companies to overcome credit difficulties during emergency situations.