Tuesday, 15 December 2009

Decree ushers in insolvency reforms

The Dubai government set out sweeping new laws on Monday that would allow its debt-laden conglomerate Dubai World and any subsidiaries to file for insolvency.

The new bankruptcy framework, which Dubai’s ruler issued by decree, was broadly welcomed as the creation of a regime based on “internationally accepted standards for transparency and creditor protection”, as the government described it.

The credit agency Fitch said the laws could reduce the dependence on state bail-outs

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