13 Sept 2016
UAE: Senior Executives No Longer Face Personal Bankruptcy in Case of Company Insolvency
For the first time, executives in the UAE are to be legally protected from personal bankruptcy in the case any company they are associated with facing insolvency problems. Previously, such executives were liable for criminal prosecution for unpaid loans should any such business be subject to liquidation.
With the legislation already having received cabinet approval, it is expected to be enacted in the first quarter of 2017. The move is intended to extend credit opportunities for SMEs as well as to improve the overall ease of doing business in the UAE.