UAE: What Impact Will Bankruptcy Law Reform Have on Post-Dated Cheques?
Type
E-journal
Date
14 Mar 2012
Jurisdiction
United Arab Emirates
Taxonomy
Relationship Between Banker & Customer, Payment & Payment Systems, Civil Courts, Bankruptcy, Liquidation, General Insolvency Law
Copyright
LexisNexis
Relevant company
Habib al Mulla & Partners
Legal reference
Federal Law No. 8/1984
Analysis
As officials confirm that the draft UAE Bankruptcy & Insolvency Law is to be concluded by the end of 2012, Mazen Boustany, a partner and Head of Banking & Finance at Habib Al Mulla & Company, examines the impact of the bankruptcy law on the payment of post-dated cheques. Daniel Emmett-Gulliver reports
Background
On the current legislative framework governing bankruptcy in the UAE and whether or not there are any gaps, Mazen Boustany says that: "The current legislative framework is fairly comprehensive, composed of 255 articles which is contained within the Commercial Transactions Code”.