ACE has issued two press statements on the situation in Dubai and Nelson Ogunshakin, ACE chief executive, has also give interviews to the world’s press.
To aid ACE members we are publishing this briefing note provided by Denton Wilde Sapte.
This first part of this note sets out very high level bullet points which address how the current situation with Dubai World may have adversely affected the position of ACE members who are creditors of that group.
The balance of the note sets out some common questions likely to be received from creditors of Dubai World and the responses to such questions. The information in the responses has been collated using only publicly available information. In addition, it should be noted that the laws and practice of the UAE are subject to change at short notice.
This is outline guidance only and not legal advice. It may not be relied upon by any party. If you have particular queries then please discuss them with your legal adviser or the ACE legal helpline.