Dubai Government

Global Policy Conference: "Towards a Legal Regulation of Financial Restructuring and Bankruptcy for Sustainable Economic Development"

May 14, 2012


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                                                              Global Policy Conference

"Towards a Legal Regulation of Financial Restructuring and Bankruptcy for Sustainable Economic Development"

                                  (14-15 May, 2012, the Address Down Town Hotel, Dubai)
Under the Patronage of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, and UAE Prime Minister and Ruler of Dubai, and Chairmanship of His Highness Sheikh Ahmed Bin Saeed Al Maktoum, President of Dubai Civil Aviation Authority, Chairman and Chief Executive of Emirates Airline & Group, DEC, in strategic partnership with the Commercial Law Development Program (US Department of Commerce), is planning to organize a high-level policy conference on 14th-15th May 2012.

HE Hani Al Hamli, DEC Secretary General will launch an honorarium speach in this occasion. It is also planned that DEC would launch its strategic initiative to strengthen the regulatory framework of the UAE in the way that enhance the economic sustainable economic.

Highlight on the event

the DEC urgues that one of the main lessons learnt from the global financial crisis and its implications on the national economiy is that there is a pressing need to reassess the regulatory framework in the direction that enhances the business environment, hence sustains economic growth.

In these times of global turbulence, there are an ever increasing number of businesses at risk. Many of them have been forced to announce their insolvency, whereas others already exited from the market. The implications of this phenomenon are not confined to the two parties, debtors and creditors, but also include other stakeholders such as financial institutions, auditors and judicial entities. Thus, the existence of a transparent law that regulates the process of financial restructuring and bankruptcy, along with effective entities that are capable of implementing this law will increase the stability of the economy and secure long-term economic development.

Therefore, the UAE takes a step in this direction through proposing the Financial Restructuring and Bankruptcy Law that aims to increase the legal sustainability and flexibility of the economy. This step should enable the economy to maintain the existing businesses operating in various sectors, and attract prospective foreign investments. 

As per its vision to be a strategic partner for the Government of Dubai in economic-decision making, the Dubai Economic Council (DEC) is involved in reviewing the aforementioned draft law, thus paving the way for its implementation into the existing legal framework.

Moreover, the DEC is looking forward to raising awareness among the stakeholders about the importance of the proposed draft law and its implications on the local economy. To this end, the Council plans to organise a policy conference that provides a platform to bring together both the decision makers and practitioners to draw lessons from the best practices worldwide in Financial Restructuring and Bankruptcy Law, in order to refine the proposed draft law while taking into consideration the economic, legal, and social characteristics of the country.

The main themes of the conference:
- Regulatory framework priorities amid world economic turbulence
- Regional and global practices in Financial Restructuring and Bankruptcy Law: lessons for UAE/ Dubai
- The role of concerned institutions in enforcing the  Financial Restructuring and Bankruptcy Law
- Legal infrastructure in the UAE/ Dubai
- Tentative revision of the proposed draft of Financial Restructuring and Bankruptcy Law

The main aims of the conference:
- To raise awareness about legal policy topics related to the Financial Restructuring and Bankruptcy Law.
- To highlight the best practices worldwide in Financial Restructuring and Bankruptcy Law and their applicability in the UAE/ Dubai.
- To strengthen the institutional capabilities of the entities concerned.
- To encourage business community to learn how to benefit from the law.

The key questions of the conference:

In view of the above aims, this conference will debate and analyze key interrelated policy-relevant issues, namely:

- What are the best practices worldwide in Financial Restructuring and Bankruptcy Law?
- What are the potential impacts of the proposed draft law on the UAE/ Dubai economy, particularly the financial and real estate sectors, Small and Medium Enterprises (SMEs), and competitiveness edge? 

- How ready are the institutions concerned in the UAE/ Dubai (e.g., UAE Central Bank, Judicial Institutions and Courts, Law firms, legal advisory and accounting companies, etc) to handle the proposed draft law effectively? 
- How applicable is the new draft law given the UAE legal infrastructure?


Hosted by:
Dubai Economic Council

In strategic partnership with:
Commercial Law Development Program (US Department of Commerce)

Honorarium strategic partners


• Representatives of federal and local departments in the UAE/Dubai
• Representatives of the business sector in the UAE/ Dubai
• Renowned legal and insolvency practitioners
• International and local judges
• Prominent auditing companies
• Local and international academics
• Regional and international development organizations


Interactive sessions and discussions

The first day of the conference splits into three key sessions and one roundtable.

The keynote speech titled “Regulatory framework priorities amid world economic turbulence”

Speaker: Mr. Gordon Stewart, President, INSOL, UK,

Chairperson: Mr. James Filpi, Senior Counsel, Commercial Law Development Program, Department of Commerce, USA.

SESSION ONE: “Global and regional practices in Financial Restructuring and Bankruptcy Laws

Chairperson: Mr. Hani Bishara, MENA Head of Restructuring, Ernst & Young, Dubai, UAE

Mr. Douglas Bacon, Partner, Latham & Watkins, USA
Mr. Adrian Cohen, Partner Clifford Chance, UK
Mr. Andrew Chan, Partner Allen & Gledhill, Singapore
Ms. Jenny Clift, Senior Legal Officer, UNCITRAL, Austria

SESSION TWO: “The Role of concerned institutions in enforcing Financial Restructuring and Bankruptcy Law

Chairperson: Mr. Paul Reynolds, Managing Director, Rothschild, Dubai, UAE

Mr. Arthur J. Gonzalez, Chief Judge for the US Bankruptcy Court for the Southern District of NY, USA
Mr. Keith McGregor, Head of Restructuring, Europe, Middle East, India & Africa (EMEIA), Ernst & Young, UK
Mr. J. Robert Stoll, Partner, Mayer Brown, USA
Mr. Derek Sach, Head of the Global Restructuring Group, Royal Bank of Scotland, UK

SESSION THREE: “Legal infrastructure in the UAE- Initiatives and Development

Chairperson: H.E. Dr. Luwai Belhoul, Director General, Government of Dubai Legal Affairs Department, Dubai, UAE

Dr. Faraj Ahnish, Managing Partner, Hadef & Partners, Abu Dhabi, UAE
Sir Anthony Evans, Chairman of the Dubai World Tribunal, UAE
Mr. Christopher Hall, Partner, Latham & Watkins, Dubai, UAE
Dr. Mohammed Al Kamali, Counselor, General Manager of ITJS, Abu Dhabi, UAE
Mr. Muddassir Siddiqui, Expert in Islamic Finance-Middle East, Dubai, UAE
Mr. Ismail Elbiloushi, Senior Director, Board of Directors Secretary General/ Board Secretariat and Legal Affairs, UAE Central Bank.

ROUNDTABLE SESSION: Conclusions & Recommendations

While on the second day of the conference there will be a roundtable targets a number of government departments, federal and local and international law firms, to review highlights of the Legal Advisory Committee report established by DEC on the issue. The committee is in charge of revising the draft law on financial restructuring and bankruptcy. The conference aims to also summarize the most important lessons to be inspired by effective international experiences in the field of financial restructuring and bankruptcy and their compatibility for the development of the UAE Federal Law mentioned-above.

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