Federal Decree-Law No. 51/2023 Promulgating the Financial Reorganisation and Bankruptcy Law
Abrogating
Federal Decree-Law No. 9/2016 dated 20/09/2016
We, Mohammed bin Zayed Al Nahyan, President of the United Arab Emirates,
After perusal of the Constitution;
Federal Law No. 1/1972 on the Competencies of Ministries and Powers of Ministers, and its amendments;
Federal Decree-Law No. 9/2016 on Bankruptcy, and its amendments;
Based on the proposal of the Minister of Justice, and the approval of the Cabinet,
Have issued the following Decree-Law:
Article 1
The Law enclosed to this Decree-Law on Financial Reorganisation and Bankruptcy shall enter into effect.
Article 2
The provisions of the Civil Procedure Law and the Evidence Law shall apply to civil and commercial transactions, for all that is not specifically stipulated in the enclosed Law.
Article 3
1- The courts shall, without charging fees and sua sponte, refer the applications, disputes, grievances and lawsuits filed to them and arising from aforementioned Federal Decree-Law No. 9/2016, to the Bankruptcy Court in their current state, as of the date of entry into effect of the enclosed Law.