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The provisions of the Bankruptcy Law shall apply to:

  1. Companies governed by the Commercial Companies
  2. Companies not established under the Commercial Companies Law and which are wholly or partly owned by the federal or local government, and which have enabling legislation, or memoranda or articles of association stipulating that this Law applies.
  3. Companies and Establishments in the Free Zones that are subject to the provisions of Federal Law (8) of 2004 on Financial Free Zones which are not governed by particular provisions regulating protective composition procedures, financial restructuring and/or bankruptcy.
  4. Any individual who is a “trader” as defined under the Commercial Transactions Law.
  5. Licensed Civil Companies carrying out professional

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The entire contents of this article is solely for information purpose and have been prepared on the basis of relevant provisions and as per the information existing at the time of the preparation.. It doesn't constitute professional advice or a formal recommendation. The author has undertook utmost care to disseminate the true and correct view and doesn't accept liability for any errors or omissions. You are kindly requested to verify & confirm the updates from the genuine sources before acting on any of the information's provided herein above.

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