On August 29, 2019, the UAE issued Insolvency Law No. 19 of 2019. The Federal Decree-Law No. 19 of 2019 on Insolvency (\”Insolvency Law\”) is the first comprehensive insolvency law for citizens in the United Arab Emirates (\”UAE\”).The law intends to better distribute the effects of financial difficulty and indebtedness amongst debtors and creditors than before.

The law intends to offer a more favorable environment for people who are having financial challenges. It encourages individuals to seek expert and professional assistance through a court-supervised process. A debtor encountering financial troubles is entitled to protection measures and competent aid under the law. Protective measures are court-ordered processes that help a debtor reach a settlement with his creditors without jeopardizing the creditors\’ rights. Unlike the UAE Bankruptcy Law, which governs commercial enterprises and individuals classified as merchants under the Commercial Transactions Code, the Insolvency Law is designed to safeguard natural or civil persons who are in financial difficulties and unable to pay their debts.

If you are going through any such legal problem or need any assistance you can contact “Dubai Best Lawyers”. We provide all kinds of legal services like Real Estate Dispute Law, Financial Law, Criminal Law, Corporate Law, Commercial Law, etc.