Special legal framework to hear disputes against Dubai World

The Dubai Government announced a comprehensive legal framework, including setting up of a tribunal headed by three prominent judges that will govern the possible bankruptcy or liquidation of Dubai World, in case it, or any of its subsidiaries default in paying off their debt.

This legal framework has been established by Ruler’s Decree No. 57 of 2009 dated 13 December 2009. The Decree establishes a tribunal of three to five internationally recognized judges, which will be empowered if necessary to supervise the financial reorganisation of Dubai World and its subsidiaries and which will be authorised to adjudicate disputes relating to restructuring of the debt of Dubai World and any of its subsidiaries.

The tribunal is initially composed of three senior international judges from the Dubai International Finance Centre Courts including Sir Anthony Evans, Chief Justice of the DIFC Courts, Michael Hwang, SC, Deputy Chief Justice of the DIFC Courts and Justice Sir John Murray Chadwick, Judge of the DIFC Courts.