Following the New Law's enforcement, the UAE Cabinet published the Executive Regulations ("ER") on September 16th, identifying four key aspects related to the financial restructuring, preventive settlement, and bankruptcy applications ("proceedings"). They are:

1. Identifying the "Regulatory Authority":

The New Law refers to a "Regulatory Authority," now identified as the Central Bank and/or the Securities and Commodities Authority.

2. Identifying the Register's Data Required:

The New Law established the Bankruptcy Register (the "Register"), controlled by the Financial Restructuring and Bankruptcy Unit (the "Unit"). Three main sets of information will be required and included in this Register, pursuant to the ER:

• Information related to judicial claims, parties, trustee, and controller.
• Debtor's information (natural or corporate).
• Judgments, decisions, and measures issued by the Bankruptcy Court.

3. Thresholds for Initiating the Proceedings:

There are three types of applications that can be submitted to initiate the proceedings:

• A Debtor's application.
• A Creditor(s)' application.
• A Regulatory Authority's application.

Thresholds for all three applications vary in value and range between AED 300,000 (approximately 80K USD) for natural persons and AED 10,000,000 (approximately 2.7M USD) for corporate persons.

4. Deposit/Guarantee:

The ER stipulate that a financial guarantee of 5% of total debt/assets value shall be deposited, either in cash or as a bank guarantee, for initiating the proceedings. The deposit shall be made to the Bankruptcy Court's treasury.

The Executive Regulations are deemed to be in force as of 02 May 2024.