Those who scheme to declare bankruptcy to dodge their debts face a five-year jail sentence and a heavy fine of up to one million dirhams. The punishment was discussed by the ministry of finance, which reviewed the much-anticipated final draft law on bankruptcy in Abu Dhabi on Tuesday.
Dr Nawazish Mirza, director industry interface projects and associate professor of finance SP Jain School of Global Management, Dubai, highlighted that the bankruptcy law is a paradigm shift to boost economic landscape.
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