Global insolvency and bankruptcy practice for sustainable economic development. Vol. 1, General principles and approaches in the UAE

How an economy handles financial and business distress has a major impact on confidence in business, the availability of investment, the cost of credit, and economic growth. The financial crisis of 2007-2008 and its aftermath was a catalyst to legal reform in the field of bankruptcy and restructuring law and brought an added focus to the systemic threat of bank failure to the financial system. This book explores the general principles and practice of legal reform within bankruptcy. From a variety of specialists including practitioners, lawyers, bankers, accountants and judges from the United Arab Emirates, the UK and Singapore, it provides a variety of perspectives on the topic. Chapters include topics such as the 'Four Pillars of Regulatory Framework', the history and application of the UNCITRAL Model Law on Cross-Border Insolvency, the challenges for financial institutions and the treatment of the insolvency of natural persons. The book also offers a comparative study of Islamic Shari'ah principles with modern bankruptcy regimes, an analysis of bankruptcy in the UAE and an evaluation of the legal infrastructure of the DIFC Courts. The authors explore core questions surrounding bankruptcy law, including its ability to facilitate the turnaround of business, to enable efficient reallocation of capital, to provide coherent rules for entrepreneurs, investors, employees, and creditors, and to provide for both appropriate sanctions and for rehabilitation. ? Front Matter....Pages i-xii Regulatory Framework Priorities — The Four Pillars....Pages 1-18 Regional and Global Initiatives and Lessons: UNCITRAL Global Insolvency Standards....Pages 19-58 The Changing Landscape of Restructuring and Bankruptcy Law and its Challenges for Financial Institutions....Pages 59-94 Law and Development in the Treatment of the Insolvency of Natural Persons: The World Bank Report on the Treatment of the Insolvency of Natural Persons....Pages 95-138 Insolvency in Shari’ah and Law: A Comparative Study....Pages 139-174 Bankruptcy and Bankruptcy Procedure in the United Arab Emirates....Pages 175-232 Legal Infrastructure of the DIFC Courts....Pages 233-242 Legal Infrastructure in the UAE — Initiatives and Development, Banking and Financial Environment....Pages 243-268 Back Matter....Pages 269-274