New insolvency law approved for Dubai's DIFC

123RF

A new insolvency law has been introduced for companies operating in the Dubai International Financial Centre (DIFC).

It aims to ensure an efficient and effective bankruptcy restructuring regime by balancing the needs of all stakeholders.

It also provides for a new administration process where there is evidence of mismanagement or misconduct, in addition to enhancing the rules related to winding up procedures.

According to a statement from the Dubai Media Office, the new law was subject to substantial research and global benchmarking, as well as thorough public consultation.

It will come into effect on August 28.

 

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