DIFC posts Companies Law and Insolvency Law for Public consultation

The Dubai International Financial Centre (DIFC) today released its proposed updates on the DIFC Companies Law and the DIFC Insolvency Law for public consultation.

The Companies Law has been updated to include the registration requirements laid down by the DIFC Registrar of Companies while the Insolvency Law has been updated to include changes in applications and procedures for winding up Protected Cell Company (PCC) structures used by insurers to provide an easy and cost-effective way for smaller organizations to establish captive insurance units.

HE Dr Omar Bin Sulaiman, Governor of the Dubai International Financial Centre  (DIFC)  said: “The updates to the Companies Law and the Insolvency Law are part of DIFC’s effort to upgrade our regulations in response to the industry’s needs and concerns. DIFC’s regulatory framework, created by incorporating best practices from jurisdictions across the world, has been constantly evolving since its establishment to offer a high degree of security, protection and ease of operations for financial services companies.”

Following the consultation process, the Companies Law and the Insolvency Law will be presented to the Ruler of Dubai for enactment in accordance with Dubai Law No. 9.

The Companies Law and the Insolvency Law, posted on the DIFC website, will be open for public comment until 13 December 2008. Comments can be sent to Dean Ferris, Chief Legal Officer of the DIFC Authority on [email protected]