DUBAI, 27th March, 2017 (WAM) -- As part of its continued efforts to boost mutual communication between the government and the private sector, the Dubai Chamber of Commerce and Industry recently hosted its "Talk Business at Breakfast" event, which aimed to provide more clarity on the UAEs new bankruptcy law and its impact on businesses in the country.

The briefing was attended by Younis Haji Al Khouri, Under-Secretary of the UAE Ministry of Finance, who met with members of the local business community and spoke about the dynamics of the law. Also present was Majid Saif Al Ghurair, Chairman of Dubai Chamber, Hamad Buamim, President and CEO of Dubai Chamber, representatives from Dubais private sector, and members of business groups and councils that operate under the umbrella of the Chamber.

Younis Al Khoori said, "This bankruptcy law is a result of the Ministrys commitment to developing a new draft legislation based on modern legal and economic principles to help ensure financial stability and improve the UAEs economic and financial legislative structure. The bankruptcy law provides protection to all parties involved, and helps in attracting foreign investments due to the increased trust in the economic environment and legislative and legal protection for businesses."Buamim highlighted the significance of the new law and explained that it reflects the UAEs commitment to enhancing the competitiveness of its business community, adding, "The law sends a clear message to investors and key stakeholders in the private sector that the government will adapt regulation to meet their requirements and ensure their rights. It should improve ease of doing business, and will likely boost business confidence and foreign investment in the UAE." Dubai Chambers President and CEO explained how strategic partnerships and collaboration between Dubais public and private sectors have served as key drivers of the emirates economic growth and success. He added that the Chamber plays an active role in facilitating cooperation between the two sectors and keeping businesses informed about the latest legal developments at the federal and local levels.

The Federal Bankruptcy Law issued under the Federal Decree No. 09 for 2016 on various bankruptcy cases. The law identifies different ways to avoid bankruptcy cases and the liquidation of debtors assets, including consensual out-of-court financial restructuring, composition procedures, financial restructuring and the potential to secure new loans under terms set by the law.

Copyright Emirates News Agency (WAM) 2017.