Civil procedure in the onshore UAE Courts has very recently been supplemented, and in certain key respects has been revised, by extensive Federal regulations signalling continued modernisation of the onshore legal process. These developments, effective from 16 February 2019, are of relevance to all businesses with a presence or commercial interests in the UAE, and are likely to be of particular positive interest to claimants.
I. Key facts
What are the key facts on doing business in the UAE?
When considering doing business in a foreign jurisdiction, an investor must consider a wide range of commercial, political and capital security issues that will impact the final decision of investing in a particular country.
Over the last two decades the United Arab Emirates have proven itself to be a very attractive hub for investors to locate their business for many reasons, below are just a few of them:
A recent decision of a specialist tribunal in Dubai could have far-reaching consequences for the maritime industry. In this article Robert Thomas QC, of Quadrant Chambers, and Robert Lawrence and Leonard Soudagar, of Clyde & Co, examine how it is now possible, in certain circumstances, for a shipowner to set up a limitation fund in the UAE.
Saudi Arabia recently published a new Bankruptcy Law. This is the latest development of a string of reforms under Vision 2030 to further encourage the participation of foreign and domestic investors by structuring the business legal framework. This article provides a general analysis of the new bankruptcy law and its implications for businesses operating in the Kingdom.
The UAE Cabinet issued Resolution (“Resolution”) no. 4 of 2018 Forming the Financial Restructuring Committee (“FRC”) pursuant to UAE Federal Law No. 9 of 2016 (“Bankruptcy Law”).
In this article, we will highlight the important developments brought by the Resolution, especially in respect of Financial Restructuring of Financial Institutions and the introduction of bankruptcy searches to the UAE.
The financial landscape in the Middle East has drastically changed since the economic downturn in 2008. Even though the region was not as badly impacted as rest of the world, the companies operating in the Middle East have had a rude awakening in terms of their financial viability. These companies have seen significant financial strain and tightening of liquidity in the market, prompting them to reconsider the way in which they do business. Financing has not been as readily available and has come with a lot more scrutiny than in the pre-downturn era.
In September 2018 the Dubai International Financial Centre Authority (“DIFCA”) announced that it proposes to replace its current insolvency law with a new law to update the insolvency regime in the Dubai International Financial Centre (“DIFC”) and that it has launched a consultation in relation to the same.
Why are changes proposed?
Following the growing trend of companies participating in acquisitions and corporate restructurings, the rigorous procedure resulting from liquidation becomes incumbent to fully understand before a company’s directors and shareholders propose to walk through this route.
Introducing Liquidation
In brief: