In brief The UAE has issued Federal Law No. 48 of 2023 in relation to insolvency (the “New Insolvency Law”), which replaces Federal Law No. 9 of 2016 and comes into effect on 1 May 2024. Although the previous law was more progressive compared to the previous insolvency articles embedded in the old Commercial Code of 1993, at least in relation to the numerous insolvency matters and other protective composition and restructuring witnessed by the…
In a much anticipated development, the UAE Securities and Commodities Authority (SCA) has recently issued Chairman of the Board of Director’s Resolution No. (22/RM) of 2023 regulating securitization and all parties to securitization transactions or operations in the UAE (the “Securitization Regulations”). The Securitization Regulations should have been issued a long time ago to support efforts to promote the economic development of the UAE especially since it is a tax efficient jurisdiction. It was largely…