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The Ministry of Finance has issued comprehensive details about the insolvency law that was approved by the UAE Cabinet earlier this week. During a conference on Tuesday, the ministry explained how the law will be applied; how debtors can settle their dues and what documents they will need to submit.
The new law will protect debtors from legal prosecution, decriminalise the financial obligations of insolvent persons, and offer them an opportunity to work, be productive and provide for their families. The law will be implemented in January 2020.
Indian businessman hopes to get new lease of life with new insolvency law2. How do the debtors settle their obligations?
New UAE law is a way out of debt trap: All you need to know
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