The Federal Decree-Law No. 19 of 2019 on Insolvency protects the debtors from legal prosecution, decriminalizes the financial obligations of the insolvent person and gives them an opportunity to work, be productive and provide for their familiesto regulate the cases of insolvency of natural persons.
The law will help individuals reschedule their debts and give them the opportunity to take new concessional loans The new law will protect the debtors from legal prosecution, decriminalize the financial obligations of the insolvent person and give them an opportunity to work, be productive and provide for their families
One or more experts will be appointed by the court to settle the financial obligations debtor. The expert will coordinate with the debtor and creditor to come up with a plan to settle the financial liabilities within three years.The law contributes to enhancing the creditworthiness of the country in the long run and ensures an enabling environment that facilitates entrepreneurship and provides favourable conditions for doing business.
الإمارات العربية المتحدة أحدث الأخبار, الإمارات العربية المتحدة عناوين
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