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Dubai Chamber workshop provides clarity on UAE bankruptcy law

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DUBAI: The Dubai Chamber of Commerce and Industry hosted a workshop yesterday at its premises which provided companies with more clarity on the UAE’s new bankruptcy law, its practical implications, and impact on the country’s business environment and investment climate.

The workshop, organised by the Chamber in cooperation with Baker & McKenzie Habib Al Mulla, was attended by Dubai Chamber members, legal practitioners and professionals, investors, consultants, bankers, business owners, contract specialists, financial managers and financial auditors.

The event was moderated by Mazen Boustany, Partner, Baker McKenzie Habib Al Mulla; and Ghada El Ehwany, Counsel, Baker McKenzie Habib Al Mulla. Presentations covered the process and procedures associated with bankruptcy, the new law’s impact on group companies, the impact of cross border insolvencies, as well as practical advice on the steps business leaders should be taking before and after bankruptcy.

Boustany said: “The success of the new bankruptcy law will depend on the courts’ efficiency and on an insolvency-specialised judiciary. It is heartening to see that the law is starting to be implemented and that the applications to the courts so far are proving positive.”

Jehad Kazim, Director of Dubai Chamber’s Legal Services Department, noted that the new insolvency law is having a positive impact on the UAE’s business environment, adding that its introduction has boosted investor confidence and improved ease of doing business in the country.

Kazim explained that the Chamber regularly organises seminars and workshops to keep businesses informed about important legal developments and requirements in the UAE. She added that the strong interest and participation in these events reflects the growing maturity of Dubai’s economy and business community. News Desk

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