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New UAE bankruptcy law in final stages

The UAE minister of justice, Dr Hadef Al Dhaheri has said a new bankruptcy law could be issued by the end of this year, The National has reported. "It is in the final stages as far as the ministry of justice is concerned, but it's also a long process as far as others are involved," the minister said. The law is seen a vital cornerstone in the UAE's efforts to drive the economy by giving a fresh start to cash-strapped businesses unable to pay their bills. Under the existing law, firms that encounter financial troubles and are unable to pay creditors run the risk of having criminal action taken against them.