UAE President Issues Bankruptcy Law

Ruler of Abu Dhabi has issued bankruptcy law No. 9 of 2016. The law, which includes 231 articles, is to be published in the official gazette and will come into effect three months after publication. The law is implemented on: companies that were established under commercial company laws, as well as those that were not established under the commercial company law, and semi- or fully-owned companies that were established under the legislations of the federal or the local government, and those established in free zones as well as those with no provisions to restructure bankruptcy.