Dubai Chamber discusses new bankruptcy law

To foster better communication between the government and the private sector, Dubai Chamber of Commerce and Industry recently organised a Talk Business at Breakfast event. The meet was called to provide more clarity on the UAE’s new bankruptcy law and its impact on the businesses in the country.

Younis Haji Al Khoori, Undersecretary of the Ministry of Finance
Younis Haji Al Khoori, Undersecretary of the Ministry of Finance addressing Talk Business at Breakfast event. Photo courtesy:

Addressing the meeting, Younis Haji Al Khoori, Undersecretary of the Ministry of Finance, said, “This bankruptcy law is a result of the Ministry’s commitment to develop a new draft legislation based on modern legal and economic principles to help ensure financial stability and develop the UAE’s economic and financial legislative structure. The bankruptcy law provides protection to all parties involved, and helps in attracting foreign investments due to the increased trust in the economic environment and legislative and legal protection for businesses.”

Hamad Buamim, president and CEO of Dubai Chamber, said “The law sends a clear message to investors and key stakeholders in the private sector that the government will adapt regulation to meet their requirements and ensure their rights. It should improve ease of doing business, and will likely boost business confidence and foreign investment in the UAE.”

Dubai Chamber’s president and CEO explained how strategic partnerships and collaboration between Dubai’s public and private sectors have served as key drivers of the emirate’s economic growth and success.

The Federal Bankruptcy Law identifies different ways to avoid bankruptcy cases and the liquidation of debtors’ assets, including consensual out-of-court financial restructuring, composition procedures, financial restructuring and the potential to secure new loans under terms set by the law.

Talk Business at Breakfast is a quarterly business briefing event aimed at strengthening ties between the business community and government authorities in the UAE.

The meeting was attended by Majid Saif Al Ghurair, Chairman, Dubai Chamber, Hamad Buamim, President and CEO, Dubai Chamber, representatives from Dubai’s private sector, and members of business groups and councils that operate under the umbrella of the Chamber.