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.

Oil prices hit a low point in 2016, falling below $27 a barrel, a price not seen since 2003. The drop sent ripples across the industry, creating challenges for every player in the supply chain, from oil producers to pipeline companies. A year later, prices have recovered, and the sector is seeing indicators that the toughest of times are behind it. This is particularly true for the offshore oilfield services industry, a subsector that relies on increased oil exploration and production to rebound from the temporary lag in demand for construction services, rigs and support vessels.

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: