This Decree-Law on the Insolvency of Natural Persons which has been issued on 29 August 2019 and supposed to come into effect in the beginning of 2020, aims at enhancing the competitiveness of the UAE by ensuring the ease of doing business, creating favourable conditions for individuals facing financial difficulties and protecting those who are unable to pay their debts because of their bankruptcy
Most of us know that in any ‘new legislation’ there are terms that are not always interpreted accurately, so to start off with definitions of those terms is imperative. Click on the below link to download the summary of Federal Decree-Law No. 19/2019 On Insolvency, which may be complicated but contains information you or your attorney need to know.
