Running a business involves taking risks in order to continue to scale new grounds. Sometimes, these risks may not be successful, leading to debts.

On June 11 and 12, 2019, the Ruler of Dubai enacted new insolvency and employment laws in the Dubai International Financial Center (DIFC).

Business are suffering from the economic impact of the global pandemic.

An important legal development underscores the UAE's commitment to strengthening its judicial system and supporting the national economy. H.E. Abdullah Sultan bin Awad Al Nuaimi, Minister of Justice...

Bankruptcy Laws in UAE and KSA.

Certain enhanced protections of debtors under the UAE Bankruptcy Law – Federal Law No. 9 of 2016 – which were previously put into place on an emergency basis in response to the Covid pandemic, have now expired.

Currently in the UAE, laws related to insolvency are unclear. Companies face harsh penalties in a bankruptcy scenario, and individuals can face criminal sanctions and penal sentences.

An audit is an independent examination of the financial report of an entity – including balance sheet, income, equity and cash flow – to form a view on whether the information presents a true and...

New Insolvency or Bankruptcy law for individuals has recently received quite a lot of attention from foreign expatriates living in UAE.

The United Arab Emirates has introduced a specialized Bankruptcy Court, marking a significant milestone in the nation's ongoing legal and economic reforms.

Introduction of the Bankruptcy Law was a major step forward and was influenced by features of a number of insolvency law regimes in other jurisdictions, as well as international insolvency law trends.

One such provision will revise the existing requirement that a debtor commences procedures to declare bankruptcy if in distress.

We all have been witnessing major steps taken by the government of UAE in order to prevent negative impact of coronavirus on our economy. COVID-19 has just made wide-scale interruption to various ventures both locally and internationally.

The new law viz. the Insolvency and Bankruptcy Code Ordinance (IBC 2019) has been amended recently and brought into effect from 2020 to protect the Corporate Debtor

The new federal decree-law no. 35 of 2021 amending the provisions of federal decree-law no. 9 of 2016 regarding bankruptcy and its amendments has been introduced in the United Arab Emirates...

In Sian Participation Corp (In Liquidation) v Halimeda International Ltd [2024] UKPC 16, the Privy Council has clarified the correct approach for the court to follow when considering a creditor's winding-up petition...

All UAE business owners and managers should be aware of the very recent decision of the Dubai Court of First Instance in the matter of the Bankruptcy of Marka Holdings PJSC...

Starting your own business is one of the most exciting decisions you can take. But it is imperative to follow fundamental rules and keep certain key considerations in mind to avoid facing financial issues that may lead to bankruptcy.

Article 201 of the UAE Bankruptcy Law also entitles a court to order imprisonment in certain circumstances, including where there has been a failure to share information with a bankruptcy trustee.

The U.A.E and Republic of South Korea have not entered into a bi-lateral treaty under which they are obliged to recognise each other's court orders or judgments