Understanding bankruptcy laws in the UAE and DIFC in the context of COVID-19-related financial pressures.
By Nomaan A. Raja and Aly Kassam
COVID-19 has already caused wide-scale disruption to numerous industries both locally and globally. Whilst efforts are underway to stop the spread and impact of COVID-19, the financial and social impact of the virus will be felt for many months to come. As companies come to terms with working from home arrangements and the new landscape in which they
On August 28, 2012, the Special Tribunal related to Dubai World (the “Tribunal”) formally approved the restructuring of more than US$2 billion of debt of Drydocks World LLC and Drydocks World – Dubai LLC (together, “Drydocks”) under a syndicated term loan facility and separate hedging agreements, in the first restructuring approved under Dubai Decree No. 57 for 2009 (“Decree 57”).
Decree 57 creates an unprecedented insolvency regime applicable to Dubai World and its subsidiaries. Decree 57 gives the Tribunal exclusive