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| DIFC Courts Proposes Rule Change |
Lorys Charalambous, Tax-News.com, Cyprus
Thursday, February 17, 2011
DIFC Courts, the Dubai International Financial Centre's (DIFC) independent and common law judicial system, has posted an addition to its rules for public consultation.
Part 54 on Insolvency Claims sets out the Courts' case handling procedures for lodging an insolvency claim, the advertisement of winding up petitions, hearings, witness statements, use of reports and enforcement of orders, among other things. The new rules, based on UK insolvency procedures, complement the DIFC Insolvency Law & Regulations.
The 30 day public consultation exercise runs through to March 13, 2011.
The DIFC Courts is an independent court system set up to uphold the provisions of DIFC laws and regulations. It provides the protection of an English language, common law court system, with an internationally renowned bench of judges versed in commercial disputes, to ensure transparent and efficient justice in civil and commercial matters in or relating to the Centre. The overriding objective of the DIFC Courts is to deal with cases justly and swiftly and to help parties settle cases. Designed to deal specifically with the sophisticated transactions conducted within the DIFC, the DIFC Courts provides comprehensive legal redress in civil and commercial matters. Along with offering the highest standards in legal dispute resolution and a judicial system based on international best practices, DIFC Courts provides a small claims tribunal which is unique in the region.
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