Enabling the economic phoenix

In his 2003 book “The law of insolvency,” Ian Fletcher writes “commercial morality, and respect for the rule of law, may be said to constitute the very bedrock upon which the law of bankruptcy is founded.” The development of an efficient, transparent and foreseeable insolvency system is arguably at the center of a country’s economic advancement. The globalization of businesses is an unstoppable phenomenon, and its key feature is that it requires a highly effective risk management process that can only crystallize if a country has implemented a modern and clear insolvency law framework. Such a regime enables businesses to grow systematically and facilitates the rescue of valid enterprises, promoting innovation, entrepreneurship, safety for investors and market stability.  Since the 2008 global financial crisis, insolvency regimes around the world have been tested and scrutinized. The MENA region, and in particular the United Arab Emirates, have been examined, and many commentators