UAE: What is insolvency law?

Q: What is insolvency law?
Insolvency law approved by the UAE Cabinet aims to protect individuals who are in debt.

Q: When will the law come into effect?
From January 2020

Q: How is it different from bankruptcy law?
The bankruptcy law deals with companies while the insolvency law deals with cases of individuals who are facing financial difficulties.

Q: What form of protection does the law offer?
Debtors will be protected from criminal prosecution and instead offered support to repay debts within three years. Individuals will be allowed to reschedule their debts and will have the opportunity to avail of new concessional loans.

Q: How will the court deal with the debts?
The experts appointed by the courts will coordinate with the debtor and creditors to come up with a plan, lasting no longer than three years, to settle the financial liabilities and fulfil all obligations stipulated in the plan.

Q: Will the debtors face a travel ban during the three-year repayment period?
At this stage, this aspect is not clear.

Q: Can the debtor apply for new loans during this period?
The debtor will be prevented from taking any loans until the court decides, upon the request of expert, the debtor or any of the creditors.


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