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14 December 2009 — Government of Dubai Issues Legal Framework

14 December 2009 — Government of Dubai Issues Legal Framework

December 14, 2009

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December 14, 2009 Today the Government of Dubai, through its Legal Affairs Department, under the patronage of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of UAE, Ruler of Dubai announces a comprehensive legal framework consistent with international standards of transparency and creditor protection that will govern any future formal reorganization and restructuring of Dubai World and any of its subsidiaries.

This legal framework has been established by Ruler’s Decree No. 57 of 2009 the text of which will be available at http://difccourts._complinet.com.

The Decree establishes a tribunal of three to five internationally recognized judges, which will be empowered if necessary to supervise the financial reorganization of Dubai World and its subsidiaries and which will be authorized to adjudicate disputes relating to restructuring of the debt of Dubai World and any of its subsidiaries.

The Tribunal is initially composed of three senior international judges from the Dubai International Finance Centre Courts.

•   Sir Anthony Evans, Chief Justice of the DIFC Courts. Sir Evans is a former High Court Judge of England and Wales.

 

•   Michael Hwang, SC, Deputy Chief Justice of the DIFC Courts. Judge Hwang is a former Judicial Commissioner of the Supreme Court of Singapore and partner at the law firm of Allen & Gledhill.

 

•   Justice Sir John Murray Chadwick, Judge of the DIFC Courts. Judge Chadwick is a former Judge of the Court of Appeal of England and Wales and is a world renowned bankruptcy and insolvency specialist.

 

Dr. Lowai M.K. Belhoul, the Director General of the Legal Affairs Department of the Government of Dubai, stated: “The Decree establishes a clear, transparent and effective legal framework incorporating international best practices in restructuring.”

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