The Ministry of Finance has issued comprehensive details about the insolvency law that was approved by the UAE Cabinet earlier this week. During a conference on Tuesday, the ministry explained how the law will be applied; how debtors can settle their dues and what documents they will need to submit.

The new law will protect debtors from legal prosecution, decriminalise the financial obligations of insolvent persons, and offer them an opportunity to work, be productive and provide for their families. The law will be implemented in January 2020.