The UAE Cabinet approved a new Federal Law on Sunday to regulate cases of insolvency. this law will be implemented /enforced from January 2020.
This new law protects the debtors from:
Cease the financial obligations
Opportunities to work in a proper workable atmosphere
This law will assist debtors managing their financial issues with the help of experts who will be appointed by courts. this law is directly attached with the untiring efforts of UAE Govt to provide a level of ease for her citizens.
The legislation will contribute and enhance the credit-worthiness of the country and its future growth perspective, but will also enhance the competitiveness and strength of its economy, these type of laws always ensure and enable an environment that encourages entrepreneurship and provides favourable conditions for doing business.
The law, which complements existing financial laws, will contribute to increased
transparency, in terms of civil debt repayment transactions, and will ultimately strengthen the UAE's position as an ideal hub for investment, where the rights of all parties are guaranteed.
For further details click at : https://gulfnews.com/uae/government/uae-cabinet-new-law-to-support-financially-insolvent-individuals-in-the-uae-1.1573993042478
Composed By Sheher Bano
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