UAE President issues law decrees on bankruptcy

Abu Dhabi - Shaikh Khalifa issued the Law Decree No. 9 for 2016 on bankruptcy.

The President His Highness Shaikh Khalifa bin Zayed Al Nahyan has issued federal law decrees pertaining to bankruptcy, the Federal Judicial Authority and Federal Supreme Court.
Shaikh Khalifa issued the Law Decree No. 9 for 2016 on bankruptcy. He also issued Law Decree no. 11 for 2016, amending certain provisions of the federal Law No. 3 for 1983, concerning the Federal Judicial Authority.
He also issued Law Decree No. 12 for 2016, amending certain provisions of the Federal Law No. 10 for 1973 with regard to the Federal Supreme Court.
The Law Decree No. 12, amends provisions of Article 19 and Clause 8 of Article 33 of the Federal Law No. 10 for 1973.
The new article stipulates that the tenure for the president and judges of the Federal Supreme Court will be up to 45 years and may be asked to retire after 30 years, and after completing 45 years of service. The retirement shall be made by means of a decree.
Also read: Bankruptcy law: A lifeline to UAE businesses in distress
The new Clause No. 8 of Article 33 states that all appeals on verdicts passed by the Appeal Court on crimes that harm the interest of federation, such as crimes against security, both inside or outside the country, forging of official federal documents and stamps, or the crime of counterfeiting currency, will be decided by the court, without referring them to the Appeal Court.
The president also issued Federal Decree No. 130 for 2016 on the appointment of judges in the federal courts. He also issued Federal Law Decree No. 7, amending certain provisions of the Federal Penal Code No. 3 for 1987.
Also issued is the Federal Law Decree No. 8 for 2016, amending certain provisions of the Federal Law No. 14 for 1995, pertaining to countermeasures against narcotic drugs and psychotropic substances.