Federal Decree by Law Concerning Insolvency

In application of the provisions of this Law by Decree, the following words and phrases shall have the meanings assigned to each of them unless the context requires otherwise:

State:United Arab Emirates. 

Ministry:Ministry of Finance. 

Minister:Minister of Finance. 

Court:The competent court subject to rules of jurisdiction stipulated in the aforementioned Federal Law No. (11) of 1992. 

Debtor:The natural person who is in insolvency. 

Debtor's Debts:Debts due by the debtor arising from an obligation created towards him prior to the date on which the court issues its decision to commence the insolvency procedures. 

Debtor's Assets:Movable and immovable assets added to the positive side of the debtor's financial liability on the date of the decision to commence the insolvency procedures or during any procedures stipulated in this Law by Decree. 

Debtor's Businesses:Activities practised or not practised by the debtor during taking any procedure stipulated in this Law by Decree. 

Cessation of Payment:Inability of the debtor to pay any due debt. 

Interested Party:A natural or legal person that has an interest in any of the procedures stipulated in this Law by Decree. 

Exchange Rate:The exchange rate of the Emirati Dirham against foreign currencies as announced by the Central Bank of the United Arab Emirates. 

Measures:Necessary measures taken by the court in order to safely maintain or manage the debtor's funds in accordance with the provisions of this Law by Decree. 

Experts' Roster:The Roster of accredited experts in accordance with the provisions of the aforementioned Law by Decree No. (9) of 2016. 

Expert:The expert who is recorded at the Experts' Roster. 

Trustee:The trustee appointed by the court from among the experts recorded in the Experts' Roster. 

Scheme:The scheme to settle the financial liabilities of the debtor, prepared in accordance with the provisions of this Law by Decree 

Insolvency:Facing current or potential financial difficulties that make the debtor unable to settle his debts. 

 

The provisions of this Law by Decree shall be applicable to debtors who are not subject to the provisions of the aforementioned Federal Law by Decree No. (9) of 2016.