New Insolvency Law for the Dubai International Financial Centre ("DIFC") Issued

On 13 June 2019, the much anticipated DIFC Insolvency Law No. 1 of 2019 and associated DIFC Insolvency Regulations 2019 (collectively the “2019 DIFC Insolvency Law”), came into full force and effect, replacing the DIFC Insolvency Law No. 3 of 2009.

By way of context, the 2019 DIFC Insolvency Law applies only to entities registered and operating within the DIFC.

Filed under:
Global, Insolvency & Restructuring, Litigation, Bracewell LLP
Authors:
Christopher R. Williams , Ade Mosuro
Location:
Global
Firm:
Bracewell LLP
Dubai World restructuring subject to special purpose government decree

Dubai's announcement on 25 November 2009 that it would seek a standstill (the "Standstill Announcement") on the debt of Dubai World, a Government of Dubai holding company, whose principal business activities include the master developers Nakheel and Limitless, port operator DP World, and investment house Istithmar, caused a considerable impact across world markets and widespread comment amongst the world media.

Following the Standstill Announcement a number of significant events and further announcements have taken place, principal amongst these have been:

Filed under:
United Arab Emirates, Insolvency & Restructuring, Bracewell LLP, Injunction, Debt, Common law, Dubai International Financial Centre, High Court judge (England and Wales)
Authors:
Christopher R. Williams
Location:
United Arab Emirates
Firm:
Bracewell LLP