ADGM Registration Authority joins International Association of Insolvency RegulatorsADGM 21/02/2021
- Recognition of the Registration Authority’s role as ADGM’s insolvency regulator
The Abu Dhabi Global Market (ADGM) Registration Authority (RA) is pleased to announce its induction into the International Association of Insolvency Regulators (IAIR) in recognition of its role as ADGM’s insolvency regulator, making it the only IAIR member from the Middle East region.
The IAIR is an international body that brings together the collective experiences and expertise of government insolvency regulators from jurisdictions around the world. The ADGM RA registers insolvency practitioners in ADGM and promotes compliance through monitoring and enforcing ADGM’s insolvency framework. The RA is also responsible for the disqualification of company directors, receivers, and insolvency practitioners, where necessary and appropriate, under the ADGM Companies Regulations 2020.
Commenting on the granted IAIR membership, Mr. Dhaher Bin Dhaher Al Mheiri, CEO of the ADGM Registration Authority, said: “ADGM is committed to delivering a world-class business and regulatory environment that promotes trust, confidence and entrepreneurship. Ensuring that there is an effective framework in place to deal with business failure plays a key role in encouraging enterprise and investment. We are delighted that the Registration Authority has been accepted as a member of the IAIR, which will facilitate our liaison with other insolvency regulators globally on current issues and best practices concerning insolvency.”
ADGM’s insolvency regime, based on an English common law legal framework, incorporates best practice and features, such as the UNCITRAL Model Law on cross-border insolvencies (with amendments). In 2020, ADGM amended its insolvency regime to allow administrators to avail priority financing by applying to the ADGM Courts for approval.
The RA’s Register of Insolvency Practitioners can be found here.