A refreshing step forward, transforming the regulatory climate and enhancing the UAE’s reputation again as a sensible climate to live in and be part of. It gives distressed individuals a real chance to achieve financial viability and lenders a new prospect of turning doubtful debts into performing assets rather than write offs. Without this law, financially challenged individuals too often became fugitives, falling through the system and ending up a burden to their families and friends and to the country’s infrastructure. So long as an individual can be allowed to productive, they can make progress in reducing an clearing their debts and feed their families. Banks will need to apply more discernment, professionalism and diligence in doing business and that’s good for everyone.
What are the legal implications of the new insolvency law for individuals? To listen to James Berry, click here: Radio Eye 103.8 The Agenda.