Questions & Answers
Questions & Answers
3 available 3 • View allWhich option is better in the UAE: bankruptcy or liquidation?

2
Q: In the UAE, a company in financial difficulties should go for bankruptcy or liquidation?
What is the cheaper and faster option provided the owner is a manager and partner in the company?


Apr 30, 2020
1081
The procedures of declaring bankruptcy and liquidation of a company
2
Q: Hi Rajasree,
I am trying to seek help for my brother's business in the UAE which is under financial distress right now and some cheques have bounced.
Additionally, labour payments were not done for the last 3 months. His health deteriorated due to the stress and he left the country about 1.5 weeks ago.
We would like to file for bankruptcy and liquidate the business. Please let me know if your firm can help with this.
Thanks.
Best regards,
A.Dec

Jul 8, 2019
1815
Where do I file for insolvency as an individual and for bankruptcy as a company?

1
Q: Dear Sir/Madam,
Where do I file for insolvency as an individual under the Insolvency Act, and where do I file for bankruptcy as a company? Please provide specific locations.
What happens if I don’t have any money to pay anything? Do I go to jail after filing for any of these if there is no way I can pay the debt even after liquidation?


May 23, 2024
128
Legal blog
4 available 4 • View allFiling for Bankruptcy and Insolvency in the UAE: What You Need to Know 9
Dealing with financial difficulties can be overwhelming, but the UAE provides a comprehensive legal framework to manage bankruptcy and insolvency in a way that benefits both debtors and creditors. Understanding these laws and how they work can make a huge difference in navigating the process successfully.
Nov 12, 2024
401
Bankruptcy Law and Personal Insolvency Law 10
This article will briefly explain about the Personal Insolvency Law of 2019 and Bankruptcy Law of 2016 in the UAE. Previously, there was only the Bankruptcy Law that was available for the commercial companies, merchants, traders, and similar persons who were suffering from the financial crisis but now individuals have such options available as well especially considering the effects of COVID-19. Both laws were issued to assist distressed persons and entities by offering them settlement options.
Oct 1, 2020
4987
The Legal Alternatives of Bankruptcy in the UAE Legislation 1
The UAE continues to strive to modernize its laws and create more flexibility in meeting the needs and requirements of investors and businessmen and elevate its economy to the highest levels of growth and development.
Apr 9, 2019
2518
What You Must Know about Company Liquidation in the UAE 15
Companies can be wound up by Voluntary Liquidation. This shall proceed as initiated by shareholders or creditors of a company by passing a valid shareholder’s resolution. When a company’s financial mechanism fails, and the company is in financial distress and/ or becomes insolvent whereby it is unable to pay off its debts, the company may file a petition for winding up to the court.
Mar 18, 2020
7364
Laws & Regulations
4 available 4 • View allFederal Law No. (2) of 2015 On Commercial Companies 15
The provisions of this Law apply to the commercial companies established in the UAE and the foreign companies that have established in the UAE a base to conduct any activity therein or established a branch or representative office. The Law abrogates Federal Law No. (8) of 1984 Concerning Commercial Companies.
Mar 25, 2015
29599
Federal Decree-Law No. (51) of 2023 Promulgating the Financial Restructuring and Bankruptcy Law 0
The provisions of this Federal Decree-Law No. (51) of 2023 Promulgating the Financial Restructuring and Bankruptcy Law, known as the "Bankruptcy Law" governs Financial Restructuring and Bankruptcy regulations in the United Arab Emirates
Oct 2, 2023
165
Federal Decree-Law No. 50/2022 Issuing the Commercial Transactions Law 0
The provisions of this Federal Decree-Law No. 50/2022 Issuing the Commercial Transactions Law, known as the "New Commercial Code" governs commercial transactions in the United Arab Emirates. The New Commercial Code repeals the previous UAE Federal Law No. (18) of 1993 Issuing the Commercial Transactions Law.
Oct 3, 2022
513
Federal Law No. (5) of 1985 On the Civil Transactions Law of the United Arab Emirates 96
The provisions of this law, promulgating UAE Civil Code, govern the civil transactions in the United Arab Emirates. The commercial transactions remain subject to the laws and regulations applicable in their regard.
Dec 15, 1985
148586

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Can a company terminate an employee for refusing to do work not in the contract? 0
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What is the Stop/Suspend EXT transaction in the Labour Court? 0
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Can a company terminate an employee for refusing to do work not in the contract? 0
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