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Draft UAE bankruptcy law 'to support business'

The United Arab Emirates' cabinet has approved a draft financial regulation law that it said would help bail out companies at risk of bankruptcy, the WAM Emirates news agency said.  09 Jul 2015

"The draft law aims to regulate accumulated debts, ease restructuring of companies as well as support troubled businesses," said Sheikh Mohammed, prime minister of the UAE.

"The draft law aims to mitigate risk of bankruptcy and ensure a safe and attractive business environment in the UAE that nurtures and supports investments," he said.

The UAE is keen to provide incentives to invest in the country by ensuring the environment is supportive to businesses, Sheikh Mohammed said.

The draft law was put together based on "detailed studies with federal and local entities as well as international consultancies in the field of bankruptcy, and financial restructure", he said.