In line with its role as insolvency regulator
The "registration authority" in "Abu Dhabi Global" joins an international association specialized in "insolvency"
Zahir Al Muhairi: “(The Market) is committed to providing an integrated business environment that enhances the confidence of companies and investors, and supports entrepreneurship.”
The Abu Dhabi Global Market Registration Authority announced that it has joined the Association of International Regulators Specialized in Insolvency Laws.
A statement issued yesterday stated that this step comes in recognition of the Association's role as a regulator of insolvency cases, in order to become the "authority" in that way the only member from the Middle East region.
According to the statement, the association is an international body that provides a platform for sharing knowledge and experiences from regulators in the field of insolvency, within the various judicial authorities around the world, at a time when the registration authority is keen to register insolvency managers in the market and enhance their compliance with laws, through the enforcement of a framework Market related to financial insolvency, as the functions of the "registration authority" also include excluding company managers, recipients and managers of insolvency cases, when necessary, in accordance with the Abu Dhabi Global Market Regulations for Companies for the year 2020.
The CEO of the Abu Dhabi Global Market Registration Authority, Zahir bin Zahir Al Muhairi, said that the market is committed to providing an integrated business environment that enhances the confidence of companies and investors, and supports entrepreneurship.
He emphasized that the existence of an effective framework for companies to deal with all aspects of work, including the possibility of business failure, has a major role in encouraging and attracting projects and investment.
He added, "We are pleased to accept the registration authority as a member of the Association of International Regulators Specialized in Insolvency Laws, as this membership will enhance our communication with regulators in the field of insolvency worldwide, on current issues and best practices."
It is noteworthy that the insolvency system in the Abu Dhabi Global Market is based on the English Common Law, and includes best practices and standards in the field, such as the UNCITRAL Model Law on Cross-Border Insolvency Cases, with amendments.
Abu Dhabi Global Market has also amended its insolvency system, to allow for priority in financing, after requesting approval from the Abu Dhabi Global Market courts.
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