Bankruptcy Laws in UAE:
The bankruptcy laws were published in the official gazette in September month last year which came into effect after 3 months in December 2016 as per Ministry of Finance. The new bankruptcy law provides, for the first time a wide-ranging legal framework to help concerned companies in the UAE avoid downfall. The commercial transactions law has more than 250 articles dealing with insolvency, since these provisions offer very few options to the companies threatened with insolvency past liquidation are hardly used. The law will reduce the risk of doing business in the country, as it means that if a company goes bankrupt, the owners would be able to liquidate debtors’ assets and not be held personally responsible for them and jailed.