The Justice Ministry has established a bankruptcy court to handle cases of financial distress and insolvency, according to a statement. The ministry will also establish an internal bankruptcy administration unit to handle applications, grievances, preventive settlement and restructuring requests, and public disclosures.

The remit: The court will oversee all disputes and applications related to the federal insolvency and financial reorganization law. It will be headquartered in Abu Dhabi’s Federal Court of First Instance, but additional courts can be established in other emirates.

Who will be involved? The court will be led by a president and a group of specialized judges as appointed by the Federal Judicial Council. The new court will also be able to bring in bankruptcy experts to help manage debtor assets and their relations with creditors, as well as handle expediting procedures.

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