Bankruptcy

===United Arab Emirates===

The United Arab Emirates Bankruptcy Law came into force on 29 December 2016,<ref>{{cite web |title=The UAE bankruptcy law and the aviation industry |url=https://www.wfw.com/articles/the-uae-bankruptcy-law-and-the-aviation-industry/ |website=WFW |access-date=15 December 2021 |date=19 October 2021 |archive-date=15 December 2021 |archive-url=https://web.archive.org/web/20211215103053/https://www.wfw.com/articles/the-uae-bankruptcy-law-and-the-aviation-industry/ |url-status=live }}</ref> and created a single law governing bankruptcy procedures, which had previously been spread across multiple sources. There are two court procedures: first, a procedure for a company that is not yet insolvent, known as a protective composition, and second, a formal bankruptcy that is split into a rescue process (similar to protective composition) or liquidation.<ref name="LW">{{cite web |title=COVID-19: Managing Financial Difficulties in the United Arab Emirates |url=https://www.lw.com/thoughtLeadership/COVID-19-Managing-Financial-Difficulties-in-the-United-Arab-Emirates |website=Latham & Watkins |access-date=15 December 2021}}</ref>

Directors of a company can be held personally liable for its debts.<ref>{{cite web |title=Landmark bankruptcy decision in the Dubai courts - personal liability of Directors and Officers |url=https://www.lexology.com/library/detail.aspx?g=1cf432ca-afb1-4b2a-a76f-78ef0af4748d |website=Lexology |access-date=15 December 2021 |language=en |date=12 October 2021 |archive-date=15 December 2021 |archive-url=https://web.archive.org/web/20211215103053/https://www.lexology.com/library/detail.aspx?g=1cf432ca-afb1-4b2a-a76f-78ef0af4748d |url-status=live }}</ref><ref>{{cite web |title=Restructuring and insolvency in United Arab Emirates: overview |url=https://uk.practicallaw.thomsonreuters.com/w-011-3793?transitionType=Default&contextData=(sc.Default)&firstPage=true |website=Practical Law |access-date=15 December 2021}}</ref>

The Bankruptcy Law does not apply to government bodies, or to companies trading in [[free economic zone|free zones]] such as the [[Dubai International Financial Centre]] or the [[Abu Dhabi Global Market]], which have their own insolvency laws.<ref name="LW"/>
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