Bankruptcy law gets cabinet approval

A long-awaited law on bankruptcy has been approved. The UAE cabinet’s decision was announced in a series of tweets by His Highness Sheikh Mohammad bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai. Under current rules, bounced cheques and unpaid loans can land business owners in jail. The move is aimed at promoting investment and helping firms tackle challenging economic conditions. Details of the legislation have yet to be revealed. Speaking last week, Economy Minister His Excellency Sultan bin Saeed Al Mansouri said it could come into force later this year