New Bankruptcy Law

The UAE Government has issued Federal degree law no.9 of 2016 on bankruptcy. The new Law was published in official Gazette with the publication date of 29^th September, 2016 and will came into force on 29^th December, 2016. This law does not apply to individuals not acting as traders, whom will remain subject to the general rules in the UAE civil code. i.e Federal Law No. 1 of 1987 regarding civil transactions law (as amended)