Bankruptcy & Insolvency Procedures
Bankruptcy & insolvency procedures
The State enacted a lot of legislations recently, the most important of which is Decree-Law No. 09 of 2016 on Bankruptcy, as amended, and Decree-Law No. 16 of 2019 on Insolvency and Settlement of Financial Obligations for Individuals. This law and its application aim to protect the national economy and the defaulting companies from the risk of insolvency and to find solutions to deal with defaults of companies and traders, as well as insolvency cases for individuals. Also, the law aims to protect the debtor and creditor by assisting the debtor to settle its financial obligations and debts, and the creditor to obtain its rights through the development of a plan for protective settlement or restructuring of debts, as well as for settling financial obligations, in case of insolvency, stopping judicial procedures on the debtor’s funds and grant it the opportunity to settle its financial obligations, all by legal and judicial methods under the supervision of specialized courts through the application of the law.
We are considered the first entity specialized in this field and applying this law in the United Arab Emirates and through various State courts. We provide our services to debtors and creditors, put them on the right path to benefit from this law, and help them return to making profits, settle their obligations and collect their rights within a specific timetable.
