The Federal Decree-Law No. 19 of 2019 on Insolvency protects the debtors from legal prosecution, decriminalizes the financial obligations of the insolvent person and gives them an opportunity to work, be productive and provide for their families
The UAE Cabinet approved the Federal Decree-Law No. 19 of 2019 on Insolvency to regulate the cases of insolvency of natural persons. This law aims at enhancing the competitiveness of the UAE by ensuring the ease of doing business, creating favourable conditions for individuals facing financial difficulties and protecting those who are unable to pay their debts because of their bankruptcy. The following are the main provisions of the law:
The law contributes to enhancing the creditworthiness of the country in the long run and ensures an enabling environment that facilitates entrepreneurship and provides favourable conditions for doing business.