The United Arab Emirates’ long-awaited bankruptcy law will only cover businesses, a senior official said, while individuals will have to wait for legislation that deals with insolvency, Bloomberg News reported today. The law will be published in the official gazette “within weeks” and would go into effect three months later, Obaid Humaid Al Tayer, U.A.E. minister of state for financial affairs, told a news conference today, declining to be more specific. The final draft, approved by the cabinet this week, sets up a new regulatory body for financial restructuring. Its members will include government officials and private sector professionals, Al Tayer said. Read more.
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