Flood of Creditors Approaches Dubai Debt Tribunal

Dubai-World-LogoThe special tribunal set up by the Dubai World for addressing the issue of conglomerate's US$26 billion restructuring, has been approached by more than 100 creditors and lawyers with their claims.

Mark Beer, the registrar of the tribunal and of the Dubai International Financial Centre (DIFC) Courts confirmed that a flood of inquires on a daily basis is coming from creditors for strengthening their claims.

Mr. Beer expressed, "People are factoring the tribunal into their strategy. They are preparing themselves." He said that the tribunal, created after a special decree by Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai, on December 13, is committed to support people who believe they are owed money.

The commission has started a website for helping claimants in which they can submit their claims electronically and get response from the office.

Meanwhile, layers and creditors have hailed the setting up of tribunal which is presided over by- Sir Anthony Evans, Michael Hwang and Sir John Chadwick- three judges from the DIFC Courts.

A layer who is representing potential claimants added, "It's good because they clearly want this tribunal to be effective for all people making claims. It would have been surprising if they hadn't done anything. It's a step in the right direction."