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Abu Dhabi, UAE: The Abu Dhabi Global Market (ADGM) Registration Authority (RA) is pleased to announce its induction into the International Association of Insolvency Regulators (IAIR) in recognition of its role as ADGM’s insolvency regulator, making it the only IAIR member from the Middle East region.
The IAIR is an international body that brings together the collective experiences and expertise of government insolvency regulators from jurisdictions around the world.
The ADGM RA registers insolvency practitioners in ADGM and promotes compliance through monitoring and enforcing ADGM’s insolvency framework. The RA is also responsible for the disqualification of company directors, receivers, and insolvency practitioners, where necessary and appropriate, under the ADGM Companies Regulations 2020.
Commenting on the granted IAIR membership, Mr Dhaher Bin Dhaher Al Mheiri, CEO of the ADGM Registration Authority, said: “ADGM is committed to delivering a world-class business and regulatory environment that promotes trust, confidence and entrepreneurship. Ensuring that there is an effective framework in place to deal with business failure plays a key role in encouraging enterprise and investment. We are delighted that the Registration Authority has been accepted as a member of the IAIR, which will facilitate our liaison with other insolvency regulators globally on current issues and best practices concerning insolvency.”
ADGM’s insolvency regime, based on an English common law legal framework, incorporates best practice and features, such as the UNCITRAL Model Law on cross-border insolvencies (with amendments). In 2020, ADGM amended its insolvency regime to allow administrators to avail priority financing by applying to the ADGM Courts for approval.
The RA’s Register of Insolvency Practitioners can be found here.
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About Abu Dhabi Global Market (ADGM)
Abu Dhabi Global Market (ADGM), an international financial centre (IFC) located in the capital city of the United Arab Emirates, opened for business on 21 October 2015. Established by a UAE Federal Decree as a broad-based financial centre, ADGM augments Abu Dhabi’s position as a global trade and business hub serving as a strategic link between the growing economies of the Middle East, Africa and South Asia and the rest of the world.
ADGM’s strategy is anchored by Abu Dhabi’s key strengths panning over private banking, wealth management, asset management, derivatives and commodities trading, financial innovation, sustainability and more. Comprising three independent authorities: ADGM Courts, the Financial Services Regulatory Authority and the Registration Authority, ADGM as an IFC governs the entire 114 hectares (1.14sqkm) of Al Maryah Island which is a designated financial free zone.
It enables registered financial and non-financial institutions, companies and entities to operate, innovate and succeed within an international regulatory framework based on common law. Since its inception, ADGM has been awarded the “Financial Centre of the Year (MENA)” for four consecutive years for its initiatives and contributions to the financial and capital markets industry in the region.*
For more details on ADGM, please visit www.adgm.com or follow us on Twitter and Instagram: @adglobalmarket and LinkedIn: @Abu Dhabi Global Market (ADGM)
* Source: The Global Investor Middle East and North Africa (MENA) Awards
For further enquiries, please contact:
Hajer Al Tenaiji
Senior Manager - Media & Communications
Communications Department
hajer.altenaiji@adgm.com
© Press Release 2021
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