When the Emirati legislator abolished the bankruptcy provisions that were contained in the Commercial Transactions Law of 1993, and adopted instead a special law of bankruptcy, Federal Law Number 9 of 2016, he achieved tangible success in developing the national bankruptcy system through the radical amendments approved over this law. The Emirati legislator had a correct choice of expanding the scope of application of the new bankruptcy system to include, in addition to commercial companies, all civil, private and governmental companies, as well as free zone companies. But he failed when he decided to keep individual merchants alone subject to this system, without expanding the scope of its application to include all individuals who engage in activity Independently. On the other hand, the Emirati legislator tried to abandon the policy of bias in favor of creditors at the expense of the debtor, implement the principle of balance between the interests of bankruptcy parties, and adopt a new type of procedures, namely "restructuring procedures". Nevertheless, he has not been very successful in abandoning the policy of punishing the bankrupt, simplifying the procedures, and ensuring their speed, especially when he has led to the "reproduction" of preventive reconciliation procedures and the adoption of complex bankruptcy procedures that are far from contributing to saving stalled projects. The study proved that the Emirati legislator still has a lot to do to reach a developed, flexible and effective national bankruptcy system. To this end, the study came out with a set of findings and recommendations that focused on the need for the bankruptcy system or stalled projects to be comprehensive for all companies and individual institutions, the policy of punishing the bankrupt should be permanently abandoned, in addition to the urgent need to review restructuring procedures and judicial liquidation procedures to make them less complex and more flexible.
Fares, Dr. Omar Dr.
"The New UAE Bankruptcy System: Incomplete Radical Amendments,"
مجلة جامعة الإمارات للبحوث القانونية UAEU LAW JOURNAL: Vol. 92:
92, Article 2.
Available at: https://digitalcommons.aaru.edu.jo/sharia_and_law/vol92/iss92/2