UAE revises bankruptcy law

Published May 6th, 2012 - 07:08 GMT
This law aims to strengthen the business environment and makes it attractive to local and foreign investments
This law aims to strengthen the business environment and makes it attractive to local and foreign investments

Dubai Economic Council has discussed in details both the drafts of financial restructuring and bankruptcy law, and commercial companies law.

DEC held the first hearing session 2012, in the presence of Shaikh Ahmed bin Saeed Al Maktoum, President of the Dubai Civil Aviation Authority, Chairman of the Emirates Group and Chief Executive of Emirates airline, the meeting was chaired by Juma Al Majid, Chairman of the Council.

Policy recommendations for the DEC on the future of Dubai’s development were also reviewedrmes,” Shaikh Ahmed said. Hani Al Hamli, Secretary General of DEC, and representatives of both public and private sectors in the Emirate of Dubai also attended the meeting.

Shaikh Ahmed said the UAE economy and other countries in the region living in a changing international economic environment. He stressed that the update in the laws would strengthen the business environment and makes it attractive to local and foreign investments, and a driving force for higher competitiveness.

It also must be re-programming of the entire economic development strategy to cope with these changes. “The need for careful consideration of the financial restructuring and bankruptcy law draft to ensure that it serves the national economy,” Juma Al Majed said. “The draft law is a paradigm shift in the legal framework of the national economy,” Al Hamli added.


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