UAE: Bankruptcy Court to be Established
Type
News
Date
7 Dec 2023
Provider
Middle East Newspaper Index
Jurisdiction
United Arab Emirates
Taxonomy
Bankruptcy, Corporate Restructuring
Newspaper title
Gulf News (United Arab Emirates)
Issue date
7 Dec 2023
Citation
Gulf News (United Arab Emirates), 7 December 2023
Legal reference
Federal Decree-Law No. 9/2016; Federal Decree-Law No. 51/2023
Summary
Gulf News (United Arab Emirates), 7 December 2023: A new Bankruptcy Court is going to be established in the UAE.
The Court is going to be established in line with the new Federal Decree-Law No. 51/2023 (the Bankruptcy and Restructuring Law).
The Court will oversee related disputes and its judgments will act as precedents.
It will have the authority to halt creditor actions from the start of proceedings until the approval of the restructuring plan, with no time limits specified.
The Law will come into force on 1 May 2024 and will replace Federal Decree-Law No. 9/2016.