bankruptcy law Archives - Fichte & Co Legal

The New Bankruptcy Law – Stepping up to Challenges in a Post-pandemic Economy

Dr. Laura Voda — Sun, 27 Sep 2020 07:13:03 +0000

Throughout the United Arab Emirates (UAE), a collective frustration existed with insolvencies due to the time-consuming nature and significantly low recovery rates, which stemmed from outmoded insolvency laws under Book 5, Article 645-900 of Federal Law No.18/1993 (the ‘’Commercial Code’’). Under these ambiguous provisions, it was a criminal offense for directors to fail to petition …

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How to Safely Close Down a Business in Mainland, UAE?

Dr. Laura Voda — Sun, 20 Sep 2020 05:15:57 +0000

Introduction The two most prevalent routes that have been undertaken for liquidating a company are either ‘voluntary winding up’ specified under the Federal Law No. 2 of 2015 -The Commercial Company law (the “Companies Law”) and the Department of Economic Development setting out formal requirements for operating entities; or via ‘bankruptcy’ regulated by the Federal …

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Seven Things to Know About Filing a Bankruptcy Petition in the UAE

Fichte Legal — Mon, 08 Oct 2018 02:42:29 +0000

If your company is thinking of filing a bankruptcy petition under the relatively new bankruptcy law in the UAE (Federal Law Decree Law No. 9 of 2016), there are a few key things to keep in mind prior to filing the petition: 1. The Law is Untested: The UAE bankruptcy law is untested at Court, …

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Overview of the Bankruptcy Proceedings and Preventive Measures in the UAE

Ahmed Salih — Tue, 31 Jul 2018 06:51:53 +0000

Definition of bankruptcy: Legally speaking, bankruptcy in the UAE is an expression used to describe a legal status in which a natural (individual) or legal (company) person owes a sum of money to third parties and ceases to pay its debts when they fall due because of its troubled financial position and insolvency. Historical background: …

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What You Need to Know Before Exiting the UAE

Fichte Legal — Sun, 02 Jul 2017 01:00:18 +0000

As the UAE continues to grow, expats continue to move here for a better life and better opportunities. Guidance is offered for expats who wish to start their own businesses in the UAE, and the various options available for them. However, there is not much guidance for business owners who no longer wish to remain …

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