Clifford Chance

The UAE's New Bankruptcy Law: Key Impacts on Restructurings

18 November 2024

On 1 May 2024, Federal Law Decree 51/2023 on Financial Restructuring and Bankruptcy (the "2024 Bankruptcy Law") came into force and replaced the previous 2016 bankruptcy law (the "2016 Bankruptcy Law").

Whilst the 2016 Bankruptcy Law provided a powerful framework for debtors to restructure their financial liabilities under the protection of a Court moratorium, it is hoped that the 2024 Bankruptcy Law will provide greater consistency for stakeholders with the introduction of a new specialist bankruptcy unit and bankruptcy court.

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