The United Arab Emirates is set to open a dedicated Bankruptcy Court in Abu Dhabi, aimed at resolving all bankruptcy-related disputes under new laws to fortify the legal system and boost economic stability. The court will provide a systematic legal route for businesses and individuals encountering financial hardships.
A TL;DR version of the news reveals that a new Bankruptcy Court will be established within the Abu Dhabi Federal Court of First Instance to handle all conflicts arising from the UAE’s revised bankruptcy regulations. Specialized judges and financial experts will oversee intricate insolvency and restructuring cases.
Based in Abu Dhabi, With Flexibility to Expand
The primary Bankruptcy Court headquarters will be situated at the Abu Dhabi Federal Court of First Instance, with the option to establish additional branches in other emirates if necessary. Regardless of the location, these courts will possess equal authority in managing cases.
Handles All Kinds of Bankruptcy Disputes
The court is responsible for addressing all matters falling under the UAE’s updated bankruptcy law, including financial restructuring requests, preventive settlement plans, bankruptcy filings, and any disagreements, protests, or complaints associated with these processes.
Operated by Expert Judges
This specialized court will be managed by proficient judges, including a chief judge with a rank no lower than that of an appeals judge. Appointed by the Federal Judicial Council, these judges will be supported by a dedicated team overseeing paperwork, case registration, and official notifications.
Expert Assistance for Complex Cases
In addition to the judges, the court can engage financial experts and consultants to aid in managing debtor assets, creditor meetings, implementing urgent measures, and expediting case proceedings, especially for intricate scenarios requiring legal and financial expertise.
The UAE’s introduction of a specialized Bankruptcy Court emphasizes a commitment to bolstering the legal framework, supporting economic stability, and providing a structured approach for addressing financial challenges.
