The DIFC Courts have concluded their review of the extensive feedback arising from the public consultation pertaining to the proposed insolvency rules chapter addition to the Rules of the DIFC Courts (RDC). The interest level was very high, and respondents with cross-jurisdictional insolvency experience provided substantial comments that have assisted the DIFC Courts to develop a robust set of insolvency rules.
The feedback received during the public consultation period was reviewed by leading insolvency lawyers (consultants on behalf of the DIFC Courts) for their further consideration and a good number of these comments have been adopted. Follow-up discussions were also entered into with various stakeholders who provided feedback in order to incorporate those views into the final chapter of insolvency rules.
The respondents that provided feedback are: Clifford Chance LLP; the Dubai Financial Services Authority; Epiq Systems; Everys Legal Consultancy; the Institute of Chartered Accountants of England and Wales; K&L Gates LLP; Latham & Watkins LLP; and Weil, Gotshal & Manges LLP.
The Insolvency Rules are to be published as Part 54 of the RDC in the near-term future.