Dubai World - government releases details of a tailor-made restructuring process

At the same time as announcing that the Nakheel sukuk due for repayment on 14 December would be repaid in full, the Dubai government stated that it would pass a reorganisation law for the Dubai World group in case that group is unable to achieve an acceptable restructuring of its remaining obligations. The details of that new law have now been released in the form of Dubai Decree No. 57 for 2009 (the Decree).

The Decree is significant in two respects:

Filed under:
United Arab Emirates, Insolvency & Restructuring, Herbert Smith Freehills LLP, Debt, Common law, Best practice, Dubai International Financial Centre, High Court judge (England and Wales)
Authors:
Stuart Paterson , Andrew Newbery , David Nitek
Location:
United Arab Emirates
Firm:
Herbert Smith Freehills LLP
Dubai World - government releases details of a tailor-made restructuring process

As many Japanese contractors are exposed to the financial crisis in Dubai, this month our Construction Disputes Avoidance Newsletter focuses on an important recent development concerning Dubai World. At the same time as announcing that the Nakheel sukuk due for repayment on 14 December would be repaid in full, the Dubai government stated that it would pass a reorganisation law for the Dubai World group in case that group is unable to achieve an acceptable restructuring of its remaining obligations. The details of that new law have now been released in the form of Dubai Decree No.

Filed under:
United Arab Emirates, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Injunction, Common law, Best practice, Promulgation, Dubai International Financial Centre, High Court judge (England and Wales)
Authors:
Peter Godwin
Location:
United Arab Emirates
Firm:
Herbert Smith Freehills LLP