Companies facing financial distress must opt for legal options to avoid bankruptcy

Dubai Chamber of Commerce webinar examines developments related to UAE Bankruptcy Law



The webinar was attended by 210 participants representing businesses operating in various economic sectors who learned about the latest developments and key aspects related to the bankruptcy law in the UAE, in addition to recent amendments to the law. — Supplied photo
The webinar was attended by 210 participants representing businesses operating in various economic sectors who learned about the latest developments and key aspects related to the bankruptcy law in the UAE, in addition to recent amendments to the law. — Supplied photo

By Staff Report

Published: Mon 30 May 2022, 4:55 PM

Dubai Chamber of Commerce recently organised a webinar, in collaboration with Afridi & Angell, to familiarise UAE businesses with amendments made to the UAE Bankruptcy Law, as well as the latest rules and processes businesses should follow when filing for bankruptcy.

The webinar was attended by 210 participants representing businesses operating in various economic sectors who learned about the latest developments and key aspects related to the bankruptcy law in the UAE, in addition to recent amendments to the law.

Session was led by Rahat Dar, partner, Afridi & Angell, who spoke about the main features of the UAE Bankruptcy Law, and the fundamental amendments that have been made to this law over the last few years.

Dar stressed the importance of raising awareness about key aspects of bankruptcy in the UAE, such as legal options that companies can take when in financial distress, as well as the framework that should be followed in the process of filing for bankruptcy.

Jehad Kazim, vice-president, Legal Services, Dubai Chamber of Commerce, noted that the webinar supports the Chamber’s efforts to keep the business community in Dubai informed of the latest regulatory developments and provide an ideal platform for companies to post their questions directly to legal experts.

The UAE bankruptcy law has been updated in recent years to meet the changing needs of businesses in Dubai dealing with a new reality and different challenges, she explained, adding that Dubai Chamber of Commerce regularly organises seminars and webinars that offer clarity and guidance on key legal matters that impact the business community in Dubai.

— muzaffarrizvi@khaleejtimes.com


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