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ARTICLE · 31 AUGUST 2021

BSA Bankruptcy Series

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In the following series of articles, Barry Greenberg provides the reader with a comprehensive look at bankruptcy proceedings in the UAE, from beginning to end.

United Arab EmiratesInsolvency/Bankruptcy/Re-Structuring
Barry Greenberg
Barry Greenberg
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In the following series of articles, Barry Greenberg provides the reader with a comprehensive look at bankruptcy proceedings in the UAE, from beginning to end.

The series consists of:

  • Part 1: Procedures before filing bankruptcy
  • Part 2: Suspension of the Debtors' obligations in Bankruptcy
  • Part 3: Bankruptcy: Settlement with creditors

 

Procedures before filing bankruptcy

The rise in the number of companies facing severe financial distress is an unavoidable fact in today's market. In response, the UAE enacted a new Bankruptcy Law - Federal Law No. 9 of 2016 – which has provided new avenues whereby distressed companies can remediate an insolvency scenario. The new law seeks to enable a paradigm shift as to the treatment of indebted entities to a "rescue culture", in line with the practices of other international commercially prominent jurisdictions such as the US and UK. Accordingly, the law provides for a process in which the injection of new

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