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ARTICLE · 01 JANUARY 2024

Liquidation DIFC

Crowe
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The Dubai International Financial Centre (the 'DIFC') is a federal financial free zone which has been granted authority to self-legislate in civil and commercial areas.

United Arab EmiratesInsolvency/Bankruptcy/Re-Structuring
Saad Maniar
Saad Maniar

Overview:

The Dubai International Financial Centre (the 'DIFC') is a federal financial free zone which has been granted authority to self-legislate in civil and commercial areas. An amendment to the UAE Constitution and a resulting federal law concerning financial free zones have allowed the government of Dubai to create a legal framework based on best practices of leading jurisdictions in Europe, North America and the Far East. The laws of the DIFC ( 'DIFC Law') are enacted by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, and under the UAE Constitution, are considered at the level of local legislation.

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