A three-day workshop on insolvency law in the United Arab Emirates and the United States has been opened today in Dubai. The workshop, attended by representatives of the US Embassy and the US Department of Justice, was organized by the Dubai Judicial Institute (DJI) and held in 'Asalfa' hall.
Starting the first day of the workshop, Judge Jamal Al-Sumaiti, DJI Director General, has submitted a working paper on the general principles of Federal Law No. 9 of 2016 on insolvency. The paper has primarily focused on the general principles and procedures of companies' restructuring and the role undertaken by the judicial authorities in this field.
Wrapping up the last two days of the workshop, Judge Nancy AlCuist, Chief Judge, U.S Bankruptcy Court for the District of Maryland, delivered a lecture on the US experience in bankruptcy law. AlCuist's lecture was followed by another lecture given by Patrick Potter – Legal expert in insolvency and restructuring cases in Washington D.C. Potter's lecture touched upon an introduction to the principles of insolvency and companies' liquidation; basics of reorganization; methods of dealing with financial cases (Aspects related to Assessment and Financial Experts).The lecture has also covered the pragmatic viewpoint of liquidation process, America's Experience in bankruptcy and re-structuring.
Meanwhile, The lecture has also discussed the extent to which the insolvency trustee can sue directors, shareholders and partners for mismanagement leading to such insolvency , judicial role in bankruptcy proceedings, court proceedings related to bankruptcy according to US law (Article 11).Moreover, the lecture included the practices adopted in selecting, evaluating and controlling bankruptcy agents, different methods followed in bankruptcy in matters: intellectual property and commercial contracts, international aspects of bankruptcy, establishment of bankruptcy courts, initiatives related to training and judicial rulings.
"This workshop on insolvency law in the UAE and USA is regarded as good example of the two countries' judicial cooperation and partnership between the Dubai Judicial Institute and the US Department of Justice. Such partnership was reinforced by other forms of cooperation between the two sides represented in the organization of previous training programs in the legal and justice fields." said Judge Jamal Al Sumaiti, Director General of Dubai Judicial Institute.
The DJI Director General went on as saying" In addition, the workshop was an opportunity to take advantage of the latest developments in the U.S insolvency law and considering the possibility of applying this law to the its peer in the UAE in light of experience and expertise available to the U.S representatives participating in the workshop. "
Last Modified: 4/22/2015 3:30 PM
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