Who Does the Bankruptcy Law Apply to?
Not everyone comes under the Bankruptcy Law and it is limited to a clear definition given by the law;
They are;
- Civil companies in the UAE
- All UAE companies that are formed under the Commercial Companies Law,
- All those companies who are fully or partly owned by individual Emirate’s or UAE government
- All the Freezone Companies that don’t come under the existing bankruptcy laws
- All individuals that are, under the Federal Law No. 18 of 1993, classified as a ‘Trader’ relating to commercial transactions