The revocation of previous insolvency laws signals a new chapter for insolvency procedures in the UAE, marked by improved efficiency, transparency, and creditor safeguards. Adherence to the new Bankruptcy Law is essential for businesses in the UAE, as failure to comply could lead to penalties.

Looking forward, we anticipate the issuance of executive regulations to supplement the new law, offering additional guidance on its implementation. In the interim, existing regulations and resolutions will remain in effect, ensuring a seamless transition and stability in the insolvency framework.

The Blue Residency will specifically be granted to supporters of environmental action, including members of international organisations, international companies, members of associations and non-governmental organisations, global award winners, and distinguished activists and researchers in environmental work,” the UAE Cabinet announcement said.