Preferential Creditor Regulations

The Board of Directors of the DIFCA, in the exercise of the powers conferred on them by Article 67(2) and Article 93 of the Law hereby makes 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

These Regulations come into force on the date on which they are made. For the avoidance of doubt, these Regulations apply to all existing insolvency and similar proceedings which are subject to the Law whether or not the relevant date for the purposes of these Regulations in relation to such proceedings occurs before or after the implementation date of these Regulations.

1.1.3

The following defined terms have the meaning given below:

1.1.4 

All other defined terms have the same meaning they have under the Law and the Companies Law except where the context otherwise requires.

1.2 General interpretative provisions

1.2.1

 Where the reference is made in the Regulations to a statutory provision, it is a reference to the provision as amended and includes a refere...