ensuring smooth credit recovery and collections with protection by legislation
TRANSCRIPT
DIFC COURTS
Marcus Evans workshop: Ensuring Smooth Credit Recovery and Collections with Protection by Legislation7 March, 2017
DIFC
World Trade
Regional Opportunities
Sub Heading Projects• US$1.68tn
Growth• 4%
Workforce• 350m• Urbanisation• Middle Class
Spending• Saudi-23% GDP
Access• Africa• South America
Wealth• US$5 trillion to
manage• India 7.2%
Thanks but no thanks
Traditional view of litigation in the Middle East
Go in a lamb
Creates….
Financial
InstitutionCertainty
Business DIFC Courts
Credit EfficientResolution
Dispute
EconomicGrowth
Foundation for Business Growth
Serve the international business community by maintaining a world-class judicial system which enjoys the confidence of the commercial sector
Heart of Commerce
• Up and running since 2008
• Common Law
• English language
• Commercial and civil
• World’s most advanced commercial court
Who we are…
Judicial Structure
DIFC Courts
• Deal with cases justly
• Ensure parties on equal footing
• Save expenses
• Deal with cases proportionately,
expeditiously and fairly
• Allot the appropriate share of
Courts’ resources
DIFC Courts – Overriding Objectives
Specialised remedies
Injunctions1
Summary Judgment2
Amalgamation and Joinder3
Small Claims Tribunal -A private, cost-effective solution for SMEs
• Claim amounts less than AED500,000• 90% of cases settled within three weeks• No lawyers• Private and informal
SMART SCT
• The GCC’s first smart Small Claims Tribunal.
• Provides parties in a dispute, as well as the judge, access to the case from remote locations on smartphones and computers.
• Smart court is fully equipped with video conferencing technology that enables individuals and SMEs to participate in hearings from anywhere in the world.
Collaboration
Other Courts
Memoranda of Guidance
Memoranda of Understanding
DIFC Courts Order Enforcement
What others are saying:
• The Oath, Middle East Law Journal wrote: “The DIFC Courts are considered to be in the top three commercial courts in the world and are planning to expand their operations”
• Reuters Article: “For many clients, mainly financial institutions and blue-chip corporations, DIFC Courts have become very important as a service centre…they’re one reason, if not the main reason, for being headquartered in the DIFC.”
• James King, The Banker: “In recent years, Dubai has been developing its capabilities in the field of dispute resolution, with its crowning achievement being the creation of its Dubai International Financial Centre courts, which have only increased Dubai’s appeal as an international finance hub.”
A force for positive change?
The Honourable Mr Justice Cooke, Judge In Charge of the Commercial Court of England & Wales, remarked: “The Memorandum of Guidance between DIFC Courts and the UK Commercial Court sets out the basis upon which judgments of one court can be enforced in the other and helps to engender an atmosphere in which business can flourish." Former UAE Minister of Justice HE Hadef Al Dhaheri commented: "The importance of Dubai offering two judicial systems, one Arabic language civil and one English language common law, should not be underestimated. The choice that is now offered to businesses operating here must be celebrated.”