Questions & Answers
The new insolvency law regarding loans of natural persons
Hello,
About the new insolvency law for a natural person, does this also include Small & Medium Enterprise (SME) owners?
I am specifically asking about those businessmen who have business loans from banks and unable to service the loan, where the banks file a criminal case against the owner known as bounced cheque case.
Are these businessmen also covered under the insolvency law, so that they get a chance to sort out their debts?
Dear questioner
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Hello.
The Federal Decree-Law on the Insolvency of Natural Persons is different from the bankruptcy law of 2016 as it applies to individuals rather than companies.
The UAE bankruptcy deals with the restructuring of the debtor company’s liabilities.
