Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

UAE's bankruptcy draft bill may be delayed until 2013-end  Join our daily free Newsletter

MENAFN - 06/12/2012

No. of Ratings : 0
Add to Mixx!


 


(MENAFN) UAE's long awaited bankruptcy draft law may be further delayed until the end of 2013, as negotiations are talking longer than expected, Reuters reported.

James Farn, a partner with commercial law firm Hadef & Partners, which was involved in drafting the bill, said "We are still in the consultative process, but we are a little unclear when the consultative process will finish.

"It's certainly going to take months, perhaps the end of next year," Farn, who heads the banking and finance team in the firm, said at a forum.

The draft law, which has been in the works since 2009, is aimed at simplifying the process and letting failing companies restructure. It should enable both listed and family-owned companies that get into trouble to restructure and be rescued rather than being forced to go through lengthy bankruptcy or liquidation proceedings.

The UAE government, through this new law, is seeking to reassure foreign investors and help attract more cash flow from overseas.

 






  MENA News Headlines


 
Live Currency Rates






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help