Bahraini, Indian foreign ministers meet, seek to boost bilateral ties    Houthi attacks target backbone of global economy: Saudi Cabinet Kingdom to be among first countries to receive coronavirus vaccine, ministers note    Saudi Arabia reiterates support for security and stability in Afghanistan    'Continued international support vital as Iraq faces multiple storms'    ‘Foundational and necessary change' needed to heal post-COVID-19 world    Custodian of the Two Holy Mosques Chairs Cabinet's Virtual Session    Yemen condemns Houthi militia terrorist attacks on petroleum products distribution terminal in Jeddah    Saudi Arabia shows strong commitment to G20 Summit related cyber resilience    OPEC chief calls attack on Saudi oil facility in Jeddah terrorist act Attack highlights dangers to energy security, says IEA    OPEC Secretary General: The Attack on Petroleum Products Distribution Terminal North of Jeddah is Cowardly Act    Arab countries view China as reliable partner to achieve common development goals: Al-Qasabi    UNDP Launches Training Program to Support Youth in Yemen, in Cooperation with KSrelief    HRH Crown Prince Receives Phone Call from the British PM    Dow Jones hits 30,000 as Wall Street bets on 2021 bounce    IEF Secretary General Condemns Terrorist Attack on Jeddah Fuel Tank    Saudi Arabia, Netherlands sign MoU to boost cooperation in air transport    UAE first to announce support for WFP aid to Ethiopian refugees    Saudi Stock Exchange Main Index Ends Trading, higher, at 8,636.15 Points    Dubai ruler inaugurates 3rd phase of Solar Park    SAMA licenses 3 payment companies    Saudi Arabia to host Formula E's first night race    Study: Small link between blood type O and lower risk for severe COVID-19 illness    Worldwide Coronavirus Cases Cross 59.09 Million, Death Toll at 1,397,239    Saudi Press: Saudi Arabia's Efforts in its Presidency of G20 are Internationally Lauded    Asian Shares Rise    DSC discusses cooperation with UAE National Anti-Doping Committee    Saudi robot teams rank seventh & tenth in World Robot Olympics    Azha Workshop unveils bracelet to showcase AlUla's rich history    RCU announces the winners of #CaptureAlUla photo competition    Chelsea 7th club to top PL, with win, at Newcastle,    Coman rescues 1-1 draw for Bayern against Werder    Pedersen completes miracle ‘Saudi Slam' Unstoppable Dane wins both categories of the Saudi Ladies Team International    British Council to host event for young Saudi filmmakers    SAFF to establish new department to develop women's football in Kingdom    Saudi Arabia Launches Golf Sustainability Strategy, Al-Rumayyan Opens Aramco Saudi Ladies International    MCIT Launches Initiative to Raise Awareness on Cyberbullying    Saudi Aramco Sponsors First International Women's Golf Tournament in Saudi Arabia    Council of Senior Scholars: Muslim Brothers' Group Don't Represent Method of Islam, rather only Follows its Partisan Objectives, Violating our Graceful Religion    Saudi Medical Team Restore Young Man's Lost Vision, One Year later    KSrelief Organizes Awareness Campaign on Breast Cancer in Aden Governorate, Yemen    Ithra Signs Agreement with Supreme Council of Antiquities of Egypt    Court facilitates young woman's marriage after stripping father's guardianship    Bahrain's top Islamic body condemns attempts to insult Muslim symbols    Saudi man accused of harassing foreign wife asked to be produced before court Court allows divorce, custody of children by mother    S. P. Bala, legendary Indian singer, dead at 74    Eid Al-Adha Prayer Performed at the Grand Holy Mosque    Pilgrims Perform Dhuhr and Asr Prayers in Arafat Holy Site    Senior Scholars Council Issues Decision No. 246 Regarding Attendance of Friday Prayer and Prayers at Mosques in a Case of Spread of Epidemic or Fear of its Spread    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.





UAE Cabinet approves amendments to provisions of bankruptcy law
Published in The Saudi Gazette on 21 - 10 - 2020

The UAE Cabinet has amended bankruptcy law, adding new articles related to emergencies affecting trade or investment such as a pandemic, natural or environmental disaster, to provide a fillip to the economic sector.
Chaired by UAE's vice president and Prime Minister Sheikh Mohammed Bin Rashid Al Maktoum, who is also the ruler of Dubai, the Cabinet approved amendments to Law No.9 of 2016 on bankruptcy to strengthen the business sector in the country.
The move is part of as part of the government's continuous efforts to develop the legal and legislative frameworks in various sectors, particularly the economic sector, which is a fundamental pillar within the UAE strategy for the next fifty years.
The amendments stipulate the addition of new provisions to the law with regards to "emergency situations" that impinge on trade or investment, in order to enable individuals and businesses to overcome credit challenges in times of pandemics, natural and environmental disasters, wars, etc.
The amendments are aimed at ensuring the fulfillment of obligations, and mitigating losses while enabling creditors to secure their rights.
The new amendments stipulate that the debtor shall be exempted from commencing procedures to declare bankruptcy. Should the debtor file an application that would be approved by the competent court, he may reach a settlement with creditors wherein he may request a grace period, or negotiate a debt settlement within a period of not more than 12 months.
According to amendments, the competent court, in case of approving the bankruptcy application, would not take any proceedings involving the debtors' funds that are needed to keep businesses running during the set period in case they defaulted on debt for an emergency.
The new amendments give room to the possibility of getting new financing as per specific terms and conditions in order to secure the liquidity needed to recover businesses and enable them to survive challenges in times of emergencies. — WAM


Clic here to read the story from its source.