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On 14th December 2009, His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of UAE, Ruler of Dubai issued Decree No. 57 of 2009, "Establishing a Tribunal to decide the Disputes Related to the Settlement of the Financial Position of Dubai World and its Subsidiaries" (the Decree).
The Decree was issued to provide a comprehensive legal framework, consistent with international standards, to govern any future formal reorganisation and restructuring of Dubai World and its subsidiaries and to deal with the settlement of dispute related to Dubai World and its subsidiaries. The Decree is based on the insolvency laws, rules and regulations of the DIFC as varied by the Decree.
Underpinning this legal framework, the Decree established a special tribunal with the power to supervise the financial reorganisation of Dubai World and its subsidiaries and with jurisdiction to hear and determine disputes relating to the restructuring of the debt of Dubai World and any of its subsidiaries. The tribunal is composed of the following three senior international judges from the Dubai International Finance Centre (DIFC) Courts:
- Sir Anthony Evans, Chief Justice of the DIFC Courts.
- Michael Hwang, SC, Deputy Chief Justice of the DIFC Courts.
- Justice Sir John Murray Chadwick, Judge of the DIFC Courts.
The Decree affects all creditors of Dubai World and its subsidiaries.
Jurisdiction of the Tribunal
The Tribunal has jurisdiction to hear and decide any proceedings commenced against Dubai World, any of its subsidiaries or any person relating to the settlement of the financial obligations of Dubai World and any of its subsidiaries. This includes the determination of any petition to wind up Dubai World or any of its subsidiaries. The Tribunal is also granted extensive powers to grant injunctions and deal with property and security of Dubai World.
The Dubai Courts and DIFC Courts are prohibited from hearing or deciding any demand or claim which is within the jurisdiction of the Tribunal.
Tribunal Hearings and Judgments
The Tribunal will hold its hearings in the courtroom of the DIFC Courts. All proceedings before the Tribunal will be open to the public and the press, except that upon an application by a party, the Tribunal may order that certain proceedings be conducted on a private basis.
The Tribunal will issue its judgment by way of a majority vote of its judges.
The judgments of the Tribunal are final, irrevocable and not subject to any appeal. All judgments may be executed and enforced by the competent courts in the Emirate of Dubai as well as the courts of other emirates where applicable.
The Registrar of the Court of the Dubai International Financial Centre will act as the registrar for the Tribunal. The Registrar will maintain a publicly available register of all pleadings filed under the Decree.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.