Younis Haji Al Khoori: Amending the bankruptcy law to be aligned with modern legislative and economic principles, as well as the developments and changes witnessed by the economic and business sectors globally – This year, and in cooperation with the relevant authorities, MoF plans to prepare an integrated training programme for the relevant stakeholders on means of implementing the terms of the bankruptcy law. 20 February 2023: The Financial Restructuring Committee (FRC), in cooperation with World Bank Group (WBG), recently held a roundtable for the competent judicial authorities in the UAE to discuss possible amendments to the bankruptcy law. The roundtable was held at The Ritz-Carlton in Dubai International Financial Centre (DIFC).
The meeting was attended by Dr. Hussam Al Talhuni, legal advisor to the Minister of Finance (MoF), Secretary of the FRC; Mohamad Al Muaini, Director of the Macroeconomic and Fiscal Department, Assistant Secretary of the FRC; and Mira Al Jabri, Projects Manager at the Ministry of Finance. Sérgio Moro and Andres Martinez participated on behalf of the WBG, in addition to a number of judges from the UAE courts such as the Federal Courts of the Ministry of Justice, the Abu Dhabi Judicial Department, Dubai Courts, and Ras Al Khaimah Courts Department. His Excellency Younis Haji Al Khoori, Undersecretary of MoF and Chairman of the FRC emphasised the significance of amending the bankruptcy law to be aligned with modern legislative and economic principles, as well as the developments and changes witnessed by the economic and business sectors globally.
His Excellency said: “The Ministry of Finance is keen to continue working and coordinating with the Ministry of Justice and the competent judicial authorities to complete the procedures for amending the law, as the authorities play a major role in activating and implementing it in an optimal manner to ensure that it meets the set objectives.” During the meeting, Dr. Hussam Al Talhuni discussed the most important amendments that will be made to the law.
He also explained to Their Excellencies the judges in attendance the legal and practical aspects that these amendments address. This year, and in cooperation with the relevant authorities, MoF plans to prepare an integrated training programme for the relevant stakeholders on means of implementing the terms of the bankruptcy law.
The training will be conducted in 2023 and 2024, with a special focus on enacting the law in accordance with the highest international standards and spreading the economic concepts that the law seeks to achieve.