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ARTICLE · 02 FEBRUARY 2010

Dubai World: New Insolvency Regime

DLA Piper UK LLP
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On 14 December 2009, the Dubai Government announced, in response to the widely publicised concerns over Dubai World's debt position, the establishment of a bespoke insolvency regime which is exclusively applicable to Dubai World, its subsidiary organisations and individuals within those organisations.

United Arab EmiratesLitigation, Mediation & Arbitration
Tom Canning
Tom Canning

On 14 December 2009, the Dubai Government announced, in response to the widely publicised concerns over Dubai World's debt position, the establishment of a bespoke insolvency regime which is exclusively applicable to Dubai World, its subsidiary organisations and individuals within those organisations.

The relevant decree, Decree No. 57 of 2009 ("the Decree") facilitates two things:

(1) It establishes a unique tribunal, seated within the Dubai International Financial Centre ("DIFC"), tasked with hearing an d deciding demands or claims against (i) Dubai World, (ii) Dubai World subsidiaries and (iii) "any person related to the settlement of the financial obligations" of those organisations (which expressly includes employees and directors of Dubai World entities).

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