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UAE insolvency laws remain untested
- United Arab Emirates: Wednesday, August 20 - 2008 at 07:55
Standard and Poor's has issued a new report which has found that the UAE's laws and regulations relating to creditors' rights in the event of a debtor insolvency remain untested, leaving the insolvency process in the event of default unpredictable, reported Khaleej Times. The report said recent developments in the debt markets have put a spotlight on creditors' prospects for recovery of principal and interest after a borrower default, but it points out that there has never been a major corporate insolvency in the UAE.
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Jeff Florian, Senior ReporterWednesday, August 20 - 2008 at 07:55 UAE local time (GMT+4)
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