U.A.E to Issue New Bankruptcy Legislation Soon, WAM Reports

The United Arab Emirates is planning to complete a bankruptcy law soon and has referred it to the finance ministry for implementation, the state-owned Emirates News Agency reported, citing Younis Al Khoori, Director General at the Ministry of Finance.

The law was drafted by the finance ministry, economy ministry and the central bank, and would be applied in all seven emirates, the agency said.

The legislation must be reviewed by various committees before being approved by the national federal council and ultimately the cabinet, according to the agency.

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