Lawyers are warning that the powers of a new tribunal governing disputes linked to the restructuring of Dubai World’s debt may lead to conflict with international treaty obligations on arbitration.
Many of Dubai World’s largest trade creditors have clauses in their contracts that allow them to take disputes with the Dubai Government-controlled company and its subsidiaries to international arbitration.
Those agreements may have been thrown into uncertainly after the Dubai Government issued a law on Monday establishing a special tribunal of Dubai International Financial Centre (DIFC) Court judges to preside over negotiations between the company and its creditors.
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