Revisiting the DIFC Insolvency Law in the Context of the COVID-19 Crisis: An Innovative Toolkit for the Turnaround of Troubled Enterprises

April 30, 2020

In the wake of the high profile collapse of the private equity firm Abraaj Capital, the Dubai International Financial Centre (“DIFC”) updated its insolvency regime with the introduction on June 13, 2019 of the new DIFC Insolvency Law (Law No.1 of 2019) (the “DIFC Insolvency Law”). The recent DIFC Insolvency Law represented a significant enhancement to the previous regime and was enacted following a comprehensive consultation process with insolvency practitioners and a thorough comparative law analysis which helped ensure that the recent DIFC Insolvency Law adheres to global trends and best practice in insolvency.

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