First test case for Dubai’s innovative Decree 57 restructuring regime
On 1 April 2012 Drydocks World LLC and its subsidiary Drydocks World — Dubai LLC a Dubai- and Asia-based ship building and repair company that is wholly owned by Dubai World, became the first company to commence a reorganisation proceeding in the Special Tribunal created by Dubai Decree No. 57 for 2009 and avail itself of Decree 57’s integrated legal framework. Decree 57 is in English and draws heavily from the insolvency laws of England and the United States; it integrates selected substantive concepts taken from chapter 11 of the US Bankruptcy Code into the English law based insolvency procedures enacted in the Dubai International Financial Centre.
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