Global Insolvency and Bankruptcy Practice for Sustainable Economic Development: General Principles and Approaches in the UAE

How an economy handles financial and business distress has a major impact on confidence in business, the availability of investment, the cost of credit, and economic growth. The financial crisis of 2007-2008 and its aftermath was a catalyst to legal reform in the field of bankruptcy and restructuring law and brought an added focus to the systemic threat of bank failure to the financial system. This book explores the general principles and practice of legal reform within bankruptcy. From a variety of specialists including practitioners, lawyers, bankers, accountants and judges from the United Arab Emirates, the UK and Singapore, it provides a variety of perspectives on the topic. Chapters include topics such as the 'Four Pillars of Regulatory Framework', the history and application of the UNCITRAL Model Law on Cross-Border Insolvency, the challenges for financial institutions and the treatment of the insolvency of natural persons. The book also offers a comparative study of Islamic Shari'ah principles with modern bankruptcy regimes, an analysis of bankruptcy in the UAE and an evaluation of the legal infrastructure of the DIFC Courts. The authors explore core questions surrounding bankruptcy law, including its ability to facilitate the turnaround of business, to enable efficient reallocation of capital, to provide coherent rules for entrepreneurs, investors, employees, and creditors, and to provide for both appropriate sanctions and for rehabilitation. ?

About the Author

Adrian is an English law qualified practising solicitor and partner in the international law firm Clifford Chance LLP. He is a member of the finance practice and specialises in the fields of restructuring and insolvency law. He has been with the firm since 1990 and a partner since 1998. He is based in the London office but has an international practice, with a particular interest in the Gulf region. He also acts as co-ordinator of the firm's European insolvency and restructuring practice. Tarek Hajjiri is Director of Legal Policy within the Legal Policy and Research Centre of the Dubai Economic Council.