News & Analysis as of

Debtors United Arab Emirates (UAE)

Awatif Mohammad Shoqi Advocates & Legal...

What legal actions can the bank take if the customer defaults on a loan in the UAE?

Defaulting on a bank loan in the UAE is regulated by the Commercial Code (federal decree-law No. (50) of 2022) and the Civil Procedure Law (federal decree-law No. (42) of 2022). Further, the Central Bank of UAE issued Loan...more

Awatif Mohammad Shoqi Advocates & Legal...

Preventive Settlement and Restructuring Procedures Under the UAE Bankruptcy Laws

Running a business involves taking risks in order to continue to scale new grounds. Sometimes, these risks may not be successful, leading to debts. Even without risks, debts may be incurred as a result of not being able to...more

Awatif Mohammad Shoqi Advocates & Legal...

Travel Ban Due To Non-Payment Of Dues

In the UAE, non-citizens constitute approximately 70% of the country’s population. This is made up of residents and tourists present in the country. People arriving in the UAE for the purpose of tourism, enter on a tourist...more

King & Spalding

The 2024 UAE Financial Restructuring and Bankruptcy Law: What is New?

King & Spalding on

On 31 October 2023, Federal Law Decree No. (51) concerning Financial Restructuring and Bankruptcy (the New Law) was published in the UAE Federal Gazette. The New Law comes into force on 1 May 2024 and will repeal the 2016 Law...more

Awatif Mohammad Shoqi Advocates & Legal...

UAE Insolvency Law - What You Should Know

Introduction: In any dynamic economy, financial challenges can arise, leading individuals and businesses to face insolvency. To address these situations and provide a structured outline for resolving them, the UAE enacted...more

K&L Gates LLP

New UAE Insolvency Law

K&L Gates LLP on

Executive Summary - The new UAE bankruptcy law was published in the Official Gazette dated 29 September 2016 following the issuance of Federal Decree Law No.9 of 2016 on Bankruptcy (the “Bankruptcy Law”) and became...more

King & Spalding

Long Anticipated Bankruptcy Law Goes Into Effect

King & Spalding on

On 20 September 2016, the new Bankruptcy Law (the Law) for the UAE was enacted. The Law was gazetted on 29 September 2016 and comes into effect on 31 December 2016. The Law will be supplemented by procedural regulations to be...more

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