United Arab Emirates:
Comparative Analysis – Bankruptcy Laws In UAE And KSA
15 March 2018
BSA Ahmad Bin Hezeem & Associates LLP
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As part of a string of legislative reforms in the Kingdom of
Saudi Arabia ("KSA"), the Saudi Arabia Royal Decree No
M/05/2018 dated 13/02/2018) (the "KSA Bankruptcy Law")
comes as a boost to the continued growth of the KSA economy and the
increase of foreign direct investment. Before the issuance of the
KSA Bankruptcy Law, the general insolvency framework in the KSA was
mainly set out in the Saudi Arabia Royal Decree No M2/1970 dated
23/03/1970 (the "Law of Commercial Courts") and in the
Saudi Arabia Royal Decree No M16/1996 dated 25/01/1996 (the
"Bankruptcy Preventative Settlement Law").
Nadim Bardawil, Senior Associate, wrote a comparative analysis
on the bankruptcy laws in UAE and KSA, which you can read in full
it here.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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