BANKRUPTCY OF A ONE-PERSON COMPANY IN ACCORDANCE WITH DECREE LAW NO. 9 OF 2016, AS AMENDED BY DECREE FEDERAL LAW NO. (35) OF 2021
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Abstract
We addressed the issue of the bankruptcy of a one-person company by Decree-Law No. 9 of 2016, amended by Federal Decree Law No. (35) of 2021 AD, through two sections. We devoted the first section to researching the conditions for the bankruptcy of a one-person company, as the company must acquire the status of a trader to be declared. Bankruptcy, as well as the one-person company stopping paying its debts, and this stopping being the result of a disturbance in the company’s financial position. As for the second section: we discussed the issue of the implications of the ruling declaring the bankruptcy of a one-person company. The researcher reached many results and recommendations, including the permissibility of declaring the bankruptcy of the owner of a one-person company in the event of the company’s bankruptcy, if that person’s funds interfere with the company’s funds difficultly. His dismissal, in addition to his responsibility with his own money for the company’s obligations if the owner does not separate his interest from the company’s. We also recommend that the UAE legislator regulate the provisions of the one-person company in Decree-Law No. (32) of 2021 regarding commercial companies, as is the case with all other commercial companies
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