| Abstrakt: |
This study addresses the legal conditions and actions stipulated by the new UAE Civil Insolvency Law for the debtor to request the settlement of his financial liabilities. It addresses the following questions: to what extent can the financial settlement help the insolvent debtor to overcome his financial hardship and pay off his debts? What are the guarantees provided by the law to protect the rights of creditors from the risk of the debtor's insolvency and non-payment of debt? The study will discuss the new method introduced in the Civil Insolvency Law, which is the financial settlement of the insolvent debtor's debt and its associated legal procedures. It will demonstrate the effectiveness of that method in helping the financially distressed debtor in paying off the debts instead of declaring insolvency, liquidating funds, and facing claims of creditors. It will explain the new UAE Civil Insolvency Law's most important strengths and weaknesses. And it will illustrate how the new law stipulations provide balanced and fair protection for the rights of creditors and the rights of the insolvent debtor. |
