DIFC Rolls Out ‘Crucial’ Insolvency Law In Cross-Border Move

The Dubai International Financial Centre (DIFC) has enacted a new insolvency law which it said meets international best practice guidelines, International Adviser reported. The new Insolvency Law and Regulations, which comes into effect on 13 June 2019, creates a new debtor in possession bankruptcy regime which it said will place the DIFC “at the forefront of complicated debt restructurings”. Essa Kazim, governor of DIFC, said: “Ensuring that businesses and investors can operate across the region with confidence is crucial to our role in connecting the economies of East and West. “We are committed to continuously enhancing our legislative infrastructure in order to give leading global institutions the certainty and access they need to capture the opportunities within the MEASA region, through Dubai. Read more