We, Mohamed Bin Zayed Al Nahyan, President of the United Arab Emirates

• Having reviewed the Constitution;
• Federal Law No. [1] of 1972 Concerning the Competences of Ministries and Powers of Ministers, as amended; and
• Based on the Minister of Justice’s proposal,

DO HEREBY PROMULGATE THE FOLLOWING DECREE-LAW:

Article 1

The Financial Restructuring and Bankruptcy Law, attached with this Decree-Law, shall enter into force and effect.

Article 2

The provisions of Civil Procedure Law, as well as the provisions of Law of Evidence in Civil and Commercial Transactions, shall apply to all matters not specifically stipulated in the law attached herewith.

Article 3

1. The Court shall, sua sponteand without fees, transfer all claims, legal proceedings, grievances and actions, which are currently pending before them and are arising out of the above-referenced Federal Decree-Law No. [9] of 2016, to the Bankruptcy Court in whatever condition they presently exist, as of the date on which the law attached herewith enters into force.
2. Clause [1] of this Article shall not apply to the legal proceedings and actions that are already adjudicated or those set for pronouncement of judgment or ruling, so that the judgments or rulings rendered in respect thereof shall continue to be subject to the rules regulating the means of challenge that are applicable on their date of issuance.

Article 4

The Cabinet shall, based upon the Minister’s proposal, issue the executive regulations and resolutions deemed necessary for the implementation of the law attached with this Decree Law.

Article 5

1. Federal Decree-Law No. [9] of 2016 on Bankruptcy, as amended, shall hereby be repealed.
2. Any provision that goes against or conflicts with the provisions of the law attached herewith shall hereby be repealed.

Article 6

The regulations and resolutions issued in implementation of the provisions of the above-referenced Federal Decree-Law No. [9] of 2016 shall remain in full force and effect until their substitute regulations and resolutions are issued in implementation of, and to such extent that does not conflict with, the provisions of the law attached with this Decree Law.

Article 7

This Decree Law shall be published in the Official Gazette, and shall enter into force six [6] months following the date of its publication.

Signed

Mohamed Bin Zayed Al Nahyan

President of the United Arab Emirates

Issued by us at the Presidential Palace – Abu Dhabi

On: 17 Rabi’ I, 1445 H

Corresponding to: October 2, 2023