No surprise to see so much interest from the business community in the long awaited revision of the Commercial Companies Law
. Our corporate team has been in high demand to provide in-house seminars on the Commercial Companies Law
over the past few weeks, and is available going forward to provide tailored seminars for all industry sectors.'
In other words, the corporate veil will be lifted similar to the position that applied under the Old Companies Law
Commenting on the workshop, Al Mulla said, "Organisations conducting business in the UAE are advised to carefully review the text of the new Commercial Companies Law
and to seek legal advice before proceeding with any activity or act that has been re-regulated by the new Commercial Companies Law
There are various provisions in the UAE Companies Law
relating to a manager's liability such as a manager being liable towards a company, its shareholders or to third parties for all acts of fraud, abuse of power, violation of the company's memorandum of association and for mismanagement.
Today (Tuesday) the Federal National Council is meeting for final discussion to pass the Companies Law
after reviewing 377 articles.
The market has been waiting eagerly for this clarification since December, when the draft Companies Law
was approved, outlined legal revisions aimed at boosting the country's private sector by adding more flexibility to the process of setting up companies in the UAE.
The companies law
, which tackles a host of areas, was seen as potentially relaxing foreign ownership restrictions and also allowing full ownership in some sectors upon request.
The Companies Law
has been updated to include the registration requirements laid down by the DIFC Registrar of Companies.
Mohammed bin Rashid al Badi, acting director of the legal department at the Ministry of Commerce and Industry, said, 'The new Commercial Companies Law
will help in attracting investments, enhancing governance and inclusiveness and will speed up registration of commercial companies.'
Commercial Companies Law
referred by Majlis A'Shura.
I would like to know about a manager's liability in a limited liability company under the latest UAE Companies Law
. Moreover, what legal action can be taken against the manager by partners?