Dubai Chamber of Commerce and Industry, in cooperation with BSA Ahmad Bin Hezeem & Associates LLP, recently organised a webinar updating businesses on Latest Amendments to the UAE Bankruptcy Law.
The webinar was attended by 251 participants, including business owners, managers, lawyers, legal practitioners, corporate counsel, financial managers, chartered accountants, risk managers, financial auditors, and investors representing a wide range of economic sectors. The session was moderated by Lara Barbary, Partner at BSA Ahmad Bin Hezeem & Associates LLP; Barry Greenberg, Counsel at BSA Ahmad Bin Hezeem & Associates LLP; and Musab Iftikhar, Associate at BSA Ahmad Bin Hezeem & Associates LLP.
The webinar aimed to help company owners and investors understand the legislative amendments that the UAE introduced late last year to the Bankruptcy Law, allowing foreign investors to learn about the legislative frameworks that preserve their rights and provide them with protection due to the economic impact of the Covid-19.
During the session, the speakers shared overview of the latest amendments to the UAE Bankruptcy Law, including procedures before filling a bankruptcy, suspension of the debtor’s obligations, duties and liabilities of the Director, settlement with creditors, mechanism of restructuring, as well as financial resources.
Jehad Kazim, Vice President – Legal Services at Dubai Chamber, said that new amendments to the UAE’s Bankruptcy Law provide flexibility for companies and debtors, and allow them to face challenges and ensure their rights and the rights of others, adding that the amendments contribute to enhancing confidence in UAE’s business environment, and the ability for companies and the private sector to face all challenges especially related to the Covid-19 pandemic and its effects on the business sector.
“In these economic times, many enterprises find themselves facing increasing financial pressures. The UAE instituted a Bankruptcy Law in late 2016 to provide relief; however, there has been reluctance among some to test its provisions. In 2020, faced with the COVID-19, the UAE instituted amendments to the Bankruptcy Law which might provide additional relief to companies whose difficulties stem from the pandemic. In this webinar, we discussed the Bankruptcy Law in general, the new amendments, and the issues that may still create reluctance to utilize the Bankruptcy Law,” said Lara Barbary, Partner at BSA Ahmad Bin Hezeem & Associates LLP.
Dubai Chamber regularly organises training seminars and workshops to raise awareness about important matters and issues impacting the business community in Dubai. These events fall in line with its strategic objectives of creating a favourable business environment and supporting business growth in the emirate.