UAE Federal Decree-Law·Cabinet Resolution No. (47) of 2021
قرار مجلس الوزراء في شأن تحديد قيمة المديونية التي تلزم المدين بتقديم طلب لافتتاح إجراءات إعسار وتصفية أمواله وتعديل بعض المدد والمبالغ الواردة في المرسوم بقانون اتحادي بشأن الإعسار
Authoritative Arabic version per the official UAE Legislation portal
Law ID
2241
Plain-language summary
Determines the minimum debt threshold triggering mandatory insolvency filing and amends timeframes under the Federal Insolvency Decree by Law.
Synced from the official UAE Legislation portal · Plain-language summary by the LEXAI editorial team
Article-level text
4 articles
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Article (1) The Debt Amount Requiring the Debtor to File an Application to Initiate Insolvency and Liquidation Proceedings The debt amount requiring a debtor to file an application to initiate insolvency and liquidation proceedings, pursuant to Article (28) of Decree by Law No. (19) of 2019 Insolvency, shall be (AED 250,000) two hundred and fifty thousand dirhams.
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Article (2) The Amount a Creditor or Group of Creditors to File an Application to Initiate Insolvency and Property Liquidation Proceedings Against Debtor The amount set out for a creditor or group of creditors in Clause (1) of Article (29) of the abovementioned Decree by Law, which entitles them to file an application to a court to initiate insolvency and liquidation proceedings against a debtor, shall be amended to (AED 1,000,000) one million dirhams instead of (AED 200,000) two hundred thousand dirhams.
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Cabinet Resolution of 2021 Regarding the Determination of The Debt Amount Requiring the Debtor to File an Application to Initiate Insolvency and Liquidation Proceedings and the Amendment of Certain Timeframes Set Forth in Federal Decree by Law of 2019 Regarding Insolvency 2
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Article (3) Amendment of Certain Timeframes The timeframes set forth in Articles (28) and (29) of Federal Decree by Law No. (19) of 2019, referred to herein, shall be amended to (65) sixty-five working days instead of (50) fifty working days.
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Article (4) Publication and Entry into Force This Resolution shall be published in the Official Gazette and shall enter into force from the day following the date of its publication. Mohamed bin Rashid Al Maktoum Prime Minister Issued by Us: Dated: 16 Ramadan 1442 A.H. Corresponding to: 28 April 2021 A.D.
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