First event of DIFC Courts' 2011 Lecture Series to examine insolvency reform and global lessons
Dubai, United Arab Emirates, 24 February 2010: The DIFC Courts, the Dubai International Financial Centre's (DIFC) independent, common law judicial system, will host the first of their thought leadership events of 2011 on "Insolvency in the UAE and Across the World" on Monday 28th February 2011.
The all-day conference will offer an in-depth review of the current status of insolvency regulation and regimes, globally, with a focus on the UAE, the Special Tribunal Related to Dubai World, the DIFC Courts' New Insolvency Regulations as well as a Global Insolvency Law Report, covering the United States, Iceland, UK, Ireland, Spain, Italy, Greece and Portugal. The conference will examine how each jurisdiction's experience can affect Dubai and the UAE and the lessons learned to date.
Speakers from the DIFC Courts, Justice Sir John Chadwick and Registrar, Mark Beer, will present alongside approximately 25 speakers from international law, advisory, accounting and investment firms, including representatives from Clifford Chance, Moelis, Latham & Watkins, Fortress, BTG Mesirow Financial Consulting, Epiq Systems and K&L Gates, Hawkamah, Dubai World, INSOL and the UAE Ministry of Finance.
Participants at next Monday's conference can also hear more about proposed amendments to the DIFC Courts' insolvency rules.
Justice Sir John Chadwick says: "The Conference is a great opportunity to invite feedback on the DIFC Courts' new insolvency rules' updates. The DIFC's Insolvency Law & Regulations are often praised as some of the most comprehensive bankruptcy guidelines in the region. The proposed new amendments, based on UK insolvency procedures, complement the existing framework on insolvency claims and sets out case handling procedures such as lodging an insolvency claim, the advertisement of winding up petitions, hearings, witness statements, use of reports and enforcement of orders.
Registrar, Mark Beer says: "The DIFC Courts Insolvency conference is a milestone opportunity to debate the development of insolvency in the UAE. We have brought together an outstanding set of insolvency thought leaders, who will provide informative insights on insolvency and we expect some very interesting outcomes."
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About the DIFC Courts
The DIFC Courts is an independent court system set up to uphold the provisions of DIFC laws and regulations. They provide the protection of an English language, common law court system, with an internationally renowned bench of judges versed in commercial disputes, to ensure transparent and efficient justice in civil and commercial matters in or relating to the Centre. The overriding objective of the DIFC Courts is to deal with cases justly and swiftly and to help parties settle cases. Designed to deal specifically with the sophisticated transactions conducted within the DIFC, the DIFC Courts provide comprehensive legal redress in civil and commercial matters. Along with offering the highest standards in legal dispute resolution and a judicial system based on international best practices, DIFC Courts provide a small claims tribunal which is unique in the region. In January 2008, DIFC Courts appointed the first female judge in the UAE and announced that two Emirati judges had become common law International Judges. The DIFC Courts were established under laws enacted by The Late His Highness Sheikh Maktoum bin Rashid Al Maktoum, Ruler of Dubai in September 2004. The DIFC Courts are an independent judicial system which has jurisdiction over matters arising from and within the DIFC. The DIFC Courts were established under two new laws enacted by His Highness Sheikh Maktoum bin Rashid Maktoum, Ruler of Dubai. Dubai Law No. 12 of 2004 established the Judicial Authority at the DIFC and sets out the jurisdiction of the court and allows for the independent administration of justice in the DIFC. The laws establishing the DIFC Courts are designed to ensure the highest international standards of legal procedure thus ensuring that the DIFC Courts provide the certainty, flexibility and efficiency expected by the global institutions operating within the DIFC.
For more information, please see the DIFC Courts' website: www.difccourts.ae
For email alerts of DIFC Courts' news and events, register at http://difccourts.complinet.com/alert/registration/
About the DIFC Courts Insolvency Rules Updates
The 30 day public consultation exercise runs through to 13 March 2011. The new rules has been posted on the Courts website, www.difccourts.ae. Comments and feedback should be emailed to consultation@difccourts.ae.
About the Lecture Series
The DIFC Courts' Lecture Series is an on-going programme of seminars, lectures and workshops that address process and procedures at the DIFC Courts and related issues. Seminars are held, for the legal community, on a regular basis. For alerts on upcoming events, register at: http://difccourts.complinet.com/alert/registration/
and for more information on the Lecture Series, please visit: http://difccourts.complinet.com/en/display/display_main.html?rbid=2725&element_id=4414
About the DIFC
The Dubai International Financial Centre (DIFC) is an onshore hub for global finance. It bridges the time gap between the financial centres of Hong Kong and London and services a region with the largest untapped emerging market for financial services. In just three years, over 600 firms have registered at the DIFC. They operate in an open environment complemented with world-class regulations and standards. The DIFC offers its member institutions incentives such as 100 per cent foreign ownership, zero tax on income and profits and no restrictions on foreign exchange. In addition their business benefits from modern infrastructure, operational support and business continuity facilities of uncompromisingly high standards.
For more information please contact:
Orna Theboul
Capital MS&L
Tel: +971 4 367 6164
Email: orna.theboul@capitalmsl.com
Maram Alkadhi
Capital MS&L
Tel: +971 4 367 6160
Email: maram.alkadhi@capitalmsl.com
© Press Release 2011
