Bankruptcy
Bankruptcy in the UAE
Are you considering filing for bankruptcy in the United Arab Emirates (UAE)? Bankruptcy can be a complex legal process, but understanding the key aspects can help you navigate it more effectively. This FAQ is going to be your guide for filing for bankruptcy in the UAE.
Who Can Avail of Benefits from the UAE Bankruptcy Law?
The UAE’s bankruptcy law is designed to assist various entities, including:
- Companies wholly or partially owned by government entities.
- Traders under the commercial transactions law.
- Civil companies engaged in professional activities.
What Is the Bankruptcy Filing Procedure?
The UAE’s bankruptcy procedure involves several steps:
- Protective Composition Procedure
- Appointment of a Panel of Experts
- Appointment of a Trustee
- Appointment of Controllers
- Application for Opening Bankruptcy Procedure
