The Cabinet:
- After reviewing the Constitution;
- Federal Decree-Law No. 7 of 2011 On the Establishment of the Emirates Development Bank;
- Cabinet Decision No. 19 of 2015 On the Regulation of Writing Off Bad Debts System;
- Based on the presentation of the Minister of Industry and Advanced Technology, Chairman of the Board of Directors of Emirates Development Bank and the approval of the Cabinet
has decided:
In the application of the provisions of this Decision, the following words and phrases shall have the meanings indicated next to each of them, unless the context requires otherwise:
Bank: Emirates Development Bank
Board of Directors: The Board of Directors of the Bank
Bad Debt Write-off: Any action taken by the Bank for the purpose of reducing or cancelling the entire value of or any part thereof, by repaying them using special credit provisions or by charging them to the profit and loss accounts for the current financial year.
For the purposes of implementing the provisions of this Decision, a debt shall be...