Insolvency Regulations

The Board of Directors of the DIFCA, in the exercise of the powers conferred on them by Article 127 of the Insolvency Law 2019, hereby make these Regulations. 

1. INTRODUCTION 

1.1 Application and Interpretation 

1.1.1

These Regulations apply to any person to whom the Law applies. 

1.1.2

Defined terms are identified throughout these Regulations by the capitalisation of the initial letter of a word or phrase. Where capitalisation of the initial letter is not used, an expression has its natural meaning. 

1.1.3

The term “currency” includes a Digital Asset that is Money. 

1.1.4

The following defined terms have the meaning given below: 

1.1.5

a. ‘Debt’, in relation to the winding up of a Company, means, subject to the next paragraph, any of the following Debt or Liability to which the Company is subject at the date on which it goes into Liquidation; 

i. any Debt or Liability to which the Company may become subject after that date by reason of any obligation incurred before that date; and 
ii. any interest provable acc...