Abu Dhabi, UAETuesday 7 April 2020

Pocketful of Dirhams: How the UAE's new personal insolvency law can help you

The law, which comes into effect this month, will help borrowers struggling to make debt repayments

Helping UAE residents resolve their chronic debt issues has been a mission of The National since it launched The Debt Panel in April 2016. Since then we have received hundreds, if not thousands, of letters, with about 200 people receiving constructive advice from our panel of six personal finance experts.

In November 2019, a new personal insolvency law, approved by the UAE Cabinet, was unveiled to help debtors by decriminalising their liabilities. The law, which comes into effect this month, will help borrowers struggling to make repayments resolve their financial difficulties without the fear of persecution.

Host Alice Haine, the personal finance editor of The National, is joined by Rory Reynolds, The National’s news editor and Matthew Dyson, an associate at law firm Pinsent Masons to explain more about the law. She is also joined, later in the show, by Sumera Hasan, a UAE resident who managed to pay off her debts with help from The National.

In this episode:

Intro (0m 04s)

What is the insolvency law? (1m 06s)

How the insolvency law works (7m 07s)

Listener's question (14m 08s)

Success story (18m 34s)

Updated: January 29, 2020 11:56 AM

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