The Legal Framework for the Plan of Restructuring the Troubled Commercial Enterprises in the UAE Law.

Document Type : Original Article

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College of Law - University of Sharjah

Abstract

Among the most important features of the bankruptcy system is development-to keep up with economic and technological changes in commercial life” and keep pace with these changes, the UAE legislator sought to issue Decree Law No. (9) of 2016 on bankruptcy, which included provisions and rules regulating this system. "Restructuring of Faltering Commercial enterprises" is perhaps one of the most important of these provisions and rules, for they act as a major axis in enabling sustainable economic development, and also to save economic projects from bankruptcy and liquidation, and help them regain their track of activity, which leads to the preservation of these enterprises and contributes to the stability of the national economy. This study aims at determining the effectiveness of the provisions and rules of the restructuring plan in the aforementioned Decree-Law and also seeks to know the extent to which the objectives set by the Decree have been achieved in order to save commercial enterprises from bankruptcy. The study reached several conclusions that resulted in important recommendations, including the need to add cases of permissibility of appeal against court decisions rendered in respect of the restructuring plan, such as the plan-ratification rejection decision, the plan implementation completion decision, and the plan invalidation or rescission decision.

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