1. The issuance of a decision to initiate bankruptcy proceedings shall result in the extinguishment of due dates of monetary debts owed by the debtor, whether they are ordinary debts or secured debts. The interest on ordinary debts shall also cease to apply to creditors only. 2. A claim may only be made for interest on debts secured by mortgage or lien from the amounts resulting from the sale of the assets securing such debts. The principal of the debt shall be settled first, followed by the interests due before the issuance of the decision to initiate bankruptcy proceedings, and finally the interest due after its issuance. 3. If the debts are denominated in a currency other than the UAE dirham, they shall be converted into the UAE dirham according to the official exchange rate on the day the decision to initiate bankruptcy proceedings is issued.
Interpretation and application must be checked against the official text and current version.