Abu Dhabi Chamber organizes a workshop on the practical application of the Federal Law on Bankruptcy
The Abu Dhabi Chamber of Commerce and Industry has organized a workshop on the practical application of Federal Law No.9 of 2016 concerning Bankruptcy.
Organizing the workshop comes within the strategy of the Chamber to provide all economic enablers considering it the effective economic arm of the emirate and within the frame of the Legal Services Section at the Chamber to ensure proper application to all federal laws.
The workshop highlighted the Federal Law No.9 of 2016 concerning Bankruptcy and its added value for the legislative and legal system in the UAE and how this law increases trust and protects investors, which, in turn, would enhance the position of the UAE on the world competitiveness indexes map and provide a secure and attractive environment for foreign investments.
The workshop also tackled a number of topics including how to apply the law, the followed terms and conditions, application mechanisms, financial reconstruction, preventive reform and reconstruction after bankruptcy.
The workshop also spoke about the challenges of applying the law and the intervention between rescuing methods and bankruptcy as well as the issue of choosing between organizational reconstruction and bankruptcy and the rights of debtors and creditors.