Our recent insight provides a comparative summary of the insolvency procedures that are available in the United Arab Emirates (UAE), the Kingdom of Saudi Arabia (KSA), England and Wales, and the US. It compares which debtor-in-possession, office-holder and terminal procedures are available in each of those jurisdictions, as well as considering the extent to which the UAE and KSA insolvency laws provide a framework for the recognition of cross-border insolvency.
To read that and more about how the laws in those countries have developed to support reorganisation and how those changes have been informed by the established frameworks that exist in England and Wales, and the US see here.
This insight was first published in the INSOL Restructuring Alert (November 2023)
This insight was published prior to the publication of Federal Decree-Law No. 51 of 2023 on Financial Restructuring and Bankruptcy (repealing Federal Decree-Law No. 9 of 2016 on Bankruptcy