The company with limited liability has accumulated debts and is no longer able to pay its debts. Can I declare the company bankrupt?
Bankruptcy Law No. 9 of 2016 and Federal Law No. 23 of 2019 do not apply to natural persons, but only to companies defined by law, and include the following:
1. Companies subject to the provisions of the Commercial Companies Law.
2.Companies that have not been established in accordance with the Commercial Companies Law and are wholly or partly owned by the federal or local government and whose establishment legislation, constituent contracts or statutes stipulate that they are subject to the provisions of this Decree-Law.
3. Companies and establishments in the free zones that are not subject to special provisions regulating the procedures for preventive bankruptcy or restructuring and bankruptcy in them, taking into account the provisions of Federal Law No. (8) of 2004 in the matter of financial free zones.
4-Any person enjoying the status of merchant in accordance with the provisions of the law.
5- Licensed civil companies of a professional nature
NOTE: The information provided on this page is for general informational purposes only and does not constitute legal advice, legal representation, or the creation of a lawyer-client relationship. Legal advice can only be provided after a formal consultation, review of the relevant documents, and assessment of the specific facts of the matter. Outcomes may vary depending on the circumstances of each case and the applicable laws and procedures.