The United Arab Emirates has drawn up draft bankruptcy and financial restructuring legislation and has referred it to the Ministry of Justice, The National reported, citing a Ministry of Finance official.
The law has been drafted jointly by the Ministry of Finance, the Ministry of Economy and the Central Bank of the U.A.E., the Abu Dhabi-based newspaper reported, citing Younis Haji Al Khouri, the undersecretary in the Ministry. After approval by the Ministry of Justice, the legislation will be submitted to the cabinet, then to the Federal National Council and finally to the President for his assent, according to the newspaper.
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