Security for costs in the DIFC courts
Most jurisdictions are familiar with ambitious claimants represented by law firms with unconventional billing practices. Claimants in the courts of the Dubai International Financial Centre (DIFC) do not need to be based in the DIFC (or indeed anywhere in the UAE), nor do they need to set out their financial position when they file a claim.
The Defendants they are suing in such proceedings will, however, often be located in the DIFC and have assets there or elsewhere in the UAE, making them susceptible to enforcement proceedings brought by successful Claimants. Although it is usually only worth suing Defendants who are solvent, there is less to stop a financially fragile Claimant with no assets in the DIFC (or anywhere else in the UAE) from filing a claim in the DIFC Courts…
If you are registered and logged in to the site, click on the link below to read the rest of the Al Tamimi & Company briefing. If not, please register or sign in with your details below.
Click on the link above to download the briefing.
News from Al Tamimi & Company
Briefings from Al Tamimi & Company
Corruption has a detrimental effect on any economy. It creates unfair advantages, anti-competitive practices and a generally unfavorable business environment.
The Libya Herald reported on 16 April 2013 that ‘the IMF confirmed its forecasts on Libya of 20.2 per cent GDP growth in real terms for 2013’.