Dubai World Restructuring – Decree No. 57

On 13 December 2009, the Dubai Government issued Decree No. 57 for 2009, in response to the widely publicized concerns over Dubai World’s debt position. The decree established a tribunal seated within the Dubai International Financial Centre, tasked with hearing and deciding claims against Dubai World, its subsidiaries and any person related to the settlement of the financial obligations of those organizations (Dubai World). The Decree also created an entirely new insolvency law which will be exclusively applicable to Dubai World.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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