Yesterday, Sheikh Mohammed, approved new laws allowing for businesses to file for bankruptcy in the UAE. There was no facility in place up until now, which prevented corporate restructuring of bad debt and was said to be something that held back the small to medium business growth in the UAE.
The law is said to be implementable in the next few months. Changes like this indicated that more and more is happening behind the scenes to make Dubai a great place to do business in.
It was one of many new laws ratified yesterday
We also passed the final version of the new Federal Law on bankruptcy, which aims to promote both investment and ease of doing business.
— HH Sheikh Mohammed (@HHShkMohd) September 4, 2016