The UAE cabinet on Sunday approved the country’s long-awaited draft law on bankruptcy.

In a series of tweets, Sheikh Mohammad bin Rashid Al Maktoum, Vice-President of the UAE and Prime Minister and Ruler of Dubai, said: “Today, we approved the final draft of the Federal law on Bankruptcy.

“The law aims to promote the investment attractiveness of the UAE economy and facilitate business.”
The new law paves the way for ailing companies to restructure – something that is not currently available in the UAE… see more

source: arabianbusiness