Bankruptcy law to take effect early next year - GN Headlines - video Dailymotion

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Daily headlines from the UAE and around the world brought to you by Gulf News. Bankruptcy law to take effect early next year. Philippines' Duterte expresses regret over Obama slur. Serena Williams records 308th match win.Zayn Malik axes Dubai gig due to ongoing anxiety.  See more at: http://gulfnews.com/gntv

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00:00Good day, welcome to the gulf news update for Tuesday, September the 6th.

00:06Here are the top stories at this hour.

00:08The new UAE bankruptcy law will work on ways to avoid bankruptcy cases and liquidation

00:14of debtors' funds, a comprehensive financial restructuring outside the scope of the court

00:19and a possibility to get new loans under terms set by the law.

00:22The law, which was approved by the UAE Cabinet this week, will also prevent individuals from

00:27bypassing it.

00:28There is punishment, including a five-year prison sentence, as well as fines up to a

00:32million dirhams.

00:33The law is likely to come into effect early next year, after the official gazette is issued

00:38in the next few weeks, Obeid Humayun Altayar, Minister of State for Financial Affairs, said.

00:43Philippines President Rodrigo Duterte expressed regret that a tirade against Barack Obama,

00:48in which he abused the US leader, came across as a personal attack.

00:53Longtime allies, the United States and the Philippines, have seen relations plunge under

00:57a barrage of insults from Duterte since he came to office on June 30.

01:02In tennis, Serena Williams broke through another barrier, her 308th Grand Slam match win, taking

01:08her past Roger Federer for the most wins in major tournaments.

01:11She is into the quarterfinals of the US Open.

01:14Williams swept past Yaroslava Shredova 6-2, 6-3.

01:18Zayn Malik has cancelled his October 7 concert in Dubai due to an ongoing battle with anxiety.

01:24Full refunds for tickets bought will be made through Original Point of Sale.

01:27Selena Gomez axed her November 18 concert at the same venue, Autism Rocks Arena, last

01:33week.

01:34She also cited anxiety, panic attacks and depression, referring to them as side effects

01:38of the chronic disease lupus.

01:40And finally, the weather.

01:41Today's high across the UAE will be 42 degrees Celsius, dropping to 30 degrees at night.

01:47That's all for now.

01:48Thanks for watching and as always you can get the latest news on gulfnews.com

01:54.

Bankruptcy law to take effect early next year - GN Headlines

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