Dubai World Tribunal

Dubai World is a decree corporation, meaning it was established through a decree of the Ruler of Dubai, and consequently has a unique legal status. Among other matters, the obligations of Dubai World are not guaranteed by the Government. Due to its status as a decree corporation, Dubai World does not have the ability to seek protection under the pr... ovisions of the UAE Commercial Code that govern bankruptcy and insolvency (see Part 5 (Bankruptcy and Composition) of Law No. 18 of 1993 (UAE Commercial Transactions Law). Because of the absence of a reorganization law applicable to Dubai World, the Government of Dubai developed the Decree, which provides a legal framework for the restructuring of the obligations of Dubai World and its subsidiaries. The Government's intention was to develop a law that would permit a restructuring of the obligations of Dubai World and its subsidiaries in accordance with international best practices following a fair, equitable and transparent legal process. Who sits on the Tribunal? The Tribunal is composed of: Sir Anthony Evans, Chief Justice of the DIFC Courts. Sir Evans is a former High Court Judge of England and Wales. Michael Hwang, SC, Deputy Chief Justice of the DIFC Courts. Judge Hwang is a former Judicial Commissioner of the Supreme Court of Singapore and partner at the law firm of Allen & Gledhill. Justice Sir John Murray Chadwick, Judge of the DIFC Courts. Judge Chadwick is a former Judge of the Court of Appeal of England and Wales and is a world renowned bankruptcy and insolvency specialist. In addition, the Decree permits the Chief Justice of the DIFC Courts to recommend to the Ruler of Dubai additional judges to be included in the Tribunal. These additional appointments would seek to further broaden the experience base and international stature of the Tribunal. What law will the Tribunal apply? The Tribunal will be governed by the law set forth in the Schedule to the Decree. The Schedule is based upon the following: DIFC Law No (3) of 2009 Concerning the law of ...Read More