New Bankruptcy Law for UAE

It appears that the UAE will be adopting a revised bankruptcy code in the new few months as per reports in Gulf News (Dubai).

You'll recall that the UAE did not have stellar rankings for its bankruptcy regime in the World Bank/IFC "Doing Business in the Arab World -2010" report.

Click here and go to page 41 and you'll see that the UAE has the dubious distinction of not only having the lowest recovery rate in the GCC but also at 10.2 cents in the dollar just beats out Mauritania among those Arab countries with the lowest rates.

So presumably this will be an improvement.