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FINANCIAL NEWS
UAE unveils new law to mitigate bankrupted businesses
24 Nov 2011
(MENAFN) Dubai Chamber of Commerce and Industry (DCCI) unveiled a bankruptcy draft law to aid future financial troubled companies, expected to be introduced in 2012, Arabian Business reported.
Hamad Buamim, director of DCCI said that the new law is partly based on US and British practices, and it will reform how companies and individuals unable to pay down their debt are treated by the law.
The bankruptcy law would help attract foreign investment to the Gulf state and cut the number of expatriates absconding over debt obligations.
Some of Dubai’s largest state-owned firms sought to renegotiate borrowings in the wake of the global financial crisis, which drove the Gulf state to come up with bankruptcy laws.
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