Means of Protecting Commercial Enterprises in the New UAE Bankruptcy Law
Hamad Salim Almusafri
Phd Researcher – College of Law – University of Sharjah – UAE
Abstract:
Bankruptcy is one of the risks to the life of commercial enterprises and results in their termination simply because they pass through any failure. It does not serve commercial life. Therefore, the laws sought to develop solutions through which commercial enterprises could be promoted rather than declared bankrupt. This prompted the UAE legislator to search for a legal mechanism to protect the enterprises, so it issued the Bankruptcy Law No. (9) of 2016, which dealt with the issue of stumbling and developed ways and means of helping to reorganize their situation and revive. Accordingly, in this research we will examine the financial structure and bankruptcy.
I have depended on the analytical approach in research, which is based on the analysis of the general rules in the Commercial Transactions Law, and the attempt to apply them to the Bankruptcy Law No. (9) of 2016.
I have concluded that the adoption of the Bankruptcy Law is an important step in the promotion of business enterprises affected by the factors associated with the global economic crisis. The Law was a translation of new methods in developing business activities, promoting them. It was also recommended that it would be more effective to amend the current Commercial Transactions Act rather than to issue a new law in line with the idea of protection and assistance.