Proposed insolvency law reform in the UAE is the focus of global policy summit
01 Jun, 2012
Latham & Watkins and the Dubai Economic Council convene policy conference in the UAE
Under the Patronage of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, and Prime Minister of the UAE and Ruler of Dubai, and Chairmanship of His Highness Sheikh Ahmed Bin Saeed Al Maktoum, the Dubai Economic Council and its honorary strategic partners, Latham & Watkins LLP and Ernst & Young organized a two-day Global Policy Conference to highlight the importance of effective insolvency systems and to introduce a draft of the proposed new Federal Law on Financial Restructuring and Bankruptcy for the UAE.
The summit was attended by more than 300 delegates, including senior representatives of federal and local government, leading members of the local and international judiciary, globally recognized members of the legal, advisory and insolvency community and representatives of the regional private sector. Attendees discussed the lessons learned from the global financial crisis and the application of international best practices in the field of insolvency and restructuring as a template for law reform in the UAE and the wider MENA region.
Senior Latham partners from Dubai, London, Chicago and New York participated in panel discussions throughout the event. Christopher Hall, Chair of Latham’s Middle East Finance Department, stated: “Latham & Watkins is extremely proud to be a strategic partner of The Dubai Economic Council and to have co-hosted this landmark event. The development of insolvency laws and practices that enable distressed companies to restructure their balance sheets and that respond to the social and economic needs of the UAE and its centres of excellence in finance and corporate governance is a key strategic initiative in which we were delighted to participate.”
Hall presented a case study of the Dubai World and Nakheel restructurings and the key features of Dubai Decree 57 of 2009, which established a bespoke legal framework that provided the backdrop for the successful out-of-court restructuring of in excess of US$45 billion of financial indebtedness.