Dubai Chamber of Commerce and Industry holds briefing on new bankruptcy law

The Dubai Chamber of Commerce and Industry recently held a briefing to discuss the United Arab Emirates's new bankruptcy law.

The law sheds light on ways to avoid bankruptcy cases and the liquidation of debtor assets.

"This bankruptcy law is a result of the ministry’s commitment to develop a new draft legislation based on modern legal and economic principles to help ensure financial stability and develop the UAE’s economic and financial legislative structure," Younis Haji Al Khoori, UAE Ministry of Finance undersecretary, said. "The bankruptcy law provides protection to all parties involved and helps in attracting foreign investments due to the increased trust in the economic environment and legislative and legal protection for businesses."

In addition to Al Khoori, attendees at the event included Hamad Buamim, president and CEO of the Dubai Chamber; Majid Saif Al Ghurair, chairman of the Dubai Chamber; Dubai private sector representatives; local business community members; and Dubai Chamber members.

"The law sends a clear message to investors and key stakeholders in the private sector that the government will adapt regulation to meet their requirements and ensure their rights," Buamim said. "It should improve ease of doing business and will likely boost business confidence and foreign investment in the UAE."