UAE bankruptcy law may be finalised by year-end according to minister
The UAE may finalise the long-pending bankruptcy law by the end of this year, a move that could help smaller companies as the economy slows. UAE’s Economy minister Saeed Al Mansouri said that a draft would be presented to the cabinet soon. Under existing legislation, unpaid debt or the issue of a bounced cheque can land businessmen in jail. This has proved problematic for smaller companies in particular as some executives of troubled firms have fled the country, leaving behind bad debts. (Gulf News)
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