Patrick Bourke, Financial News - UAE insolvency laws to face scrutiny
18 May 2009
Patrick Bourke was quoted in Financial News on the tightening of insolvency laws.
“In the DIFC you have well-drafted clear legislation that those familiar with English law will recognise. There is a good court system and a good judiciary, so if you need to avail yourself of the DIFC for any form of insolvency regime, you can have a degree of confidence. There is always a risk of how the law will be interpreted when it has not been tested however.”
“The UAE hasn't seen the size of insolvencies that you have had out of London and New York in the last decade, so the system hasn't had to address and deal with the issues that have come before other courts. It is still a largely untested system.”